Purposes

The purposes of the Insurance Code are to: (1) ensure the solidity of insurers doing business in Utah; (2) ensure that policyholders, claimants, and insurers are treated fairly and equitably; (3) ensure that Utah has an adequate and healthy insurance market, characterized by competitive conditions, the spirit of innovation, and the exercise of initiative; (4) provide for an insurance department that is expert in the field of insurance and able to enforce the Insurance Code effectively; (5) encourage cooperation between the Insurance Department and other Utah regulatory bodies, as well as other federal and state governmental entities; (6) preserve and improve state regulation of insurance; (7) maintain freedom of contract and enterprise; (8) encourage self regulation of the insurance industry; (9) encourage loss prevention as part of the insurance industry; (10) keep the public informed on insurance matters; and (11) achieve other purposes stated elsewhere in the Insurance Code.