Utah Admin. Code 590-170-3

Current through Bulletin 2024-19, October 1, 2024

Section R590-170-3 - Definitions

Terms 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