advises another person about insurance needs and coverages;
(b)
is compensated by the person advised on a basis not directly related to the insurance placed; and
(c)
except as provided in Section 31A-23a-501, is not compensated directly or indirectly by an insurer or producer for advice given. See Utah Code 31A-1-301
Insurance: includes :
(i)
a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
(ii)
a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
(iii)
a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
Managing general agent: means a person that:
(i)
manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office;
(ii)
acts as an agent for the insurer whether it is known as a managing general agent, manager, or other similar term;
(iii)
produces and underwrites an amount of gross direct written premium equal to, or more than, 5% of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year:
(A)
with or without the authority;
(B)
separately or together with an affiliate; and
(C)
directly or indirectly; and
(iv)
(A)
adjusts or pays claims in excess of an amount determined by the commissioner; or
producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301
Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
