31A-28-102 - Purpose.
31A-28-102. Purpose.
(1) The purpose of this part is to protect, subject to certain limitations, the personsspecified in Subsection 31A-28-103(1) against failure in the performance of contractualobligations, under a life and accident and health insurance policy or annuity contract specified inSubsection 31A-28-103(2), because of the impairment or insolvency of the member insurer thatissued the policy or contract.
(2) To provide the protection described in Subsection (1):
(a) the Utah Life and Health Insurance Guaranty Association, which currently exists, iscontinued to pay benefits and to continue coverages as limited by this part; and
(b) members of the association are subject to assessment to provide funds to carry out thepurpose of this part.
Amended by Chapter 116, 2001 General Session
Amended by Chapter 161, 2001 General Session