Section R590-238-13 - Directors and Managers(1) A company shall report any change in any executive officer, director, or manager to the commissioner within 30 days and shall include in its report a biographical affidavit of any new executive officer, director, or manager.(2) An officer, director, manager, or employee of a company may not, except on behalf of the company, accept or be the beneficiary of any fee, brokerage, gift, or other emolument because of any investment, loan, deposit, purchase, sale, payment, or exchange made by or for the company.(3) An officer, director, manager, or employee may receive reasonable compensation for necessary services provided to the company in their usual private, professional, or business capacity.(4) Any profit or gain received by or on behalf of a person in violation of Subsection (2) shall inure to the company.Utah Admin. Code R590-238-13
Amended by Utah State Bulletin Number 2015-20, effective 9/25/2015Adopted by Utah State Bulletin Number 2024-01, effective 12/22/2023Amended by Utah State Bulletin Number 2024-18, effective 9/10/2024