Utah Statutes
§ 31A-44-504 — Bond.
Utah·Title 31A Insurance Code·Ch. 31A-44 Continuing Care Provider Act·Part 31A-44-5 Rehabilitation and Liquidation
A court may refuse to make or vacate an order to rehabilitate a provider's facility under this part if the provider posts a bond that is:
(1)in an amount that the court determines is equal to the reserve funding the provider needs to fulfill the provider's obligations under all of the continuing care contracts for the facility;
(2)issued by a recognized surety authorized to do business in the state; and
(3)executed in favor of the state on behalf of any individual entitled to an entrance fee refund or other damages from the provider.
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Legislative History
Enacted by Chapter 270, 2016 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.