H.B. 427 Enrolled

DEPOSITORY INSTITUTIONS INSURANCE POWERS
1998 GENERAL SESSION
STATE OF UTAH
Sponsor: John L. Valentine
AN ACT RELATING TO DEPOSITORY INSTITUTIONS; PERMITTING DEPOSITORY
INSTITUTIONS TO ENGAGE IN INSURANCE ACTIVITIES; AND PROVIDING A
COORDINATION CLAUSE.
This act affects sections of Utah Code Annotated 1953 as follows:
ENACTS:
7-1-901, Utah Code Annotated 1953
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 7-1-901 is enacted to read:
ARTICLE 9. DEPOSITORY INSTITUTION INSURANCE POWERS
7-1-901. Authorized insurance activities of depository institutions.
(1) A depository institution authorized to do business in this state under this title may
directly, or indirectly through a subsidiary or affiliate, engage in the following insurance activities:
(a) engage in the insurance business as defined under Section 31A-1-301 except as may
be limited by federal law;
(b) act as an insurance agent, broker, or consultant as defined under Section 31A-23-102;
or
(c) engage in insurance adjusting as defined in Section 31A-26-102.
(2) A depository institution, subsidiary, or affiliate, that engages in insurance activities
authorized under Subsection (1) shall be subject to Title 31A, Insurance Code.
Section 2. Coordination clause.
If this bill and 4th Substitute S.B. 76, Insurance Law Changes, both pass, it is the intent of
the Legislature that Subsection 7-1-901(1)(b) be amended so that the reference to Section
31A-23-102 be changed to Section 31A-1-301.