Section R590-170-3 - DefinitionsTerms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
(1) "Trust account" means a checking or savings account where funds are held in a fiduciary capacity.(2) "Accounts receivable" means a licensee's invoiced premiums, fees, or taxes.(3) "Accounts payable" means:(a) premiums or fees due to insurers that a licensee is responsible for invoicing and collecting from insureds on an insurer or licensee's behalf; and(b) premium taxes due to taxing entities.(4) "Licensee" means a person licensed under :(a) Title 31A, Chapter 23a, Insurance Marketing -Licensing Producers, Consultants, and Reinsurance Intermediaries; or(b) Title 31A, Chapter 25, Third Party Administrators.Utah Admin. Code R590-170-3
Amended by Utah State Bulletin Number 2022-12, effective 5/26/2022