Utah Statutes
§ 31A-4-114 — Powers of a reciprocal insurer and interinsurance exchange.
(1)Every reciprocal insurer or interinsurance exchange may:
(1)(a) purchase, receive, own, hold, and lease its property;
(1)(b) mortgage, pledge, or encumber its property by deed of trust or otherwise; and
(1)(c) manage and sell real property to fulfill its purposes, including:
(1)(c)(i) making investments for the production of income; or
(1)(c)(ii) transacting its business in a convenient manner.
(2)The attorney-in-fact designated by the subscribers of the reciprocal or interinsurance exchange shall execute any contract, which includes deeds, leases, mortgages, deeds of trust, purchase or sale agreements, or any other contract, in the name of the reciprocal insurer or interinsurance exchange.
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Utah § 31A-4-114 (Powers of a reciprocal insurer and interinsurance exchange.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Enacted by Chapter 327, 1990 General Session
Nearby Sections
15
§ 31A-1-101
Short title.§ 31A-1-102
Purposes.§ 31A-1-103
Scope and applicability of title.§ 31A-1-104
Authorization to do insurance business.§ 31A-1-105
Presumption of jurisdiction.§ 31A-1-106
Residual unlicensed domestic insurers.§ 31A-1-107
Licensees under former Title 31.§ 31A-1-108
Corporations in the process of organizing.§ 31A-1-109
Name of licensee.§ 31A-1-110
Scope of a license.§ 31A-1-201
Construction.§ 31A-1-202
Effect of repeal of former provisions.§ 31A-1-203
Interpretive rules.§ 31A-1-205
Severability.§ 31A-1-301
Definitions.