Section R590-157-6 - Accounting Procedures(1) Within 60 days of the effective date of a surplus lines transaction, the surplus lines producer shall file with the Surplus Line Association: (a) a copy of the insurance policy, binder, certificate, endorsement, or other documentation sufficient to identify the subject of the insurance;(b) the coverage, conditions, and term of insurance;(c) the type of transaction;(f) the premium taxes payable;(g) the policyholder's name and address; and(h) the surplus lines insurer's name and address.(2) For each surplus lines producer, the Surplus Line Association shall prepare a monthly statement of surplus lines transactions reported during the preceding 30 days that lists:(a) each transaction and premium amount reported;(b) the surplus lines premium taxes due under Section 31A-3-301; and(c) the stamping fee due under Subsection 31A-15-103(11)(d).(3) The monthly statement shall be mailed to each surplus lines producer by the first day of each month.(4) A surplus lines producer shall pay to the Surplus Line Association, by the 25th day of each month, the amounts due shown on the monthly statement.(5) A surplus lines producer shall hold, in trust, any premium taxes and stamping fees until the premium taxes and stamping fees are remitted to the Surplus Lines Association.(6) The Surplus Line Association shall deposit, in a qualified depository approved by the Office of the State Treasurer, for the credit of the Utah Insurance Department, any funds received as payment of the surplus lines premium tax within three days of receipt.(7)(a) The Surplus Line Association shall submit a request for payment to the department for premium tax credits for return surplus lines premiums that are not offset by charges in the monthly statement.(b) The department will, pursuant to the Division of Finance's policies and procedures, issue a reimbursement to the designated person.(8) The Surplus Line Association shall prepare the following reports for the commissioner's benefit: (a) a monthly report, submitted by the 15th of the subsequent month, that lists:(i) the name of each surplus lines producer that reported surplus lines premiums written during the month;(ii) the amount of each surplus lines producer's reported surplus lines premiums, taxes, and fees;(iii) the name of each surplus lines insurer; and(iv) the amount of written surplus lines premium attributed to each surplus lines insurer for the month;(b) an annual report, submitted by January 31 of each year, that lists:(i) all surplus lines premiums reported during the previous year; and(ii) all premium taxes paid during the previous calendar year; and(c) an annual financial report, submitted within 30 days after the Surplus Line Association's fiscal year ends, that includes the Association's:Utah Admin. Code R590-157-6
Amended by Utah State Bulletin Number 2022-07, effective 3/16/2022