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H.B. 427

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DEPOSITORY INSTITUTIONS INSURANCE

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POWERS

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1998 GENERAL SESSION

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STATE OF UTAH

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Sponsor: John L. Valentine

6    AN ACT RELATING TO DEPOSITORY INSTITUTIONS; PERMITTING DEPOSITORY
7    INSTITUTIONS TO ENGAGE IN INSURANCE ACTIVITIES.
8    This act affects sections of Utah Code Annotated 1953 as follows:
9    ENACTS:
10         7-1-901, Utah Code Annotated 1953
11    Be it enacted by the Legislature of the state of Utah:
12        Section 1. Section 7-1-901 is enacted to read:
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ARTICLE 9. DEPOSITORY INSTITUTION INSURANCE POWERS

14         7-1-901. Authorized insurance activities of depository institutions.
15        (1) A depository institution authorized to do business in this state under this title may
16    directly, or indirectly through a subsidiary or affiliate, engage in the following insurance activities:
17        (a) engage in the insurance business as defined under Section 31A-1-301;
18        (b) act as an insurance agent, broker, or consultant as defined under Section 31A-23-102;
19    or
20        (c) engage in insurance adjusting as defined in Section 31A-23-102.
21        (2) A depository institution, subsidiary or affiliate, that engages in insurance activities
22    authorized under Subsection (1) shall comply with Title 31A, Insurance Code.





Legislative Review Note
    as of 1-30-98 11:41 AM


A limited legal review of this bill raises no obvious constitutional or statutory concerns.

Office of Legislative Research and General Counsel


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