31A-14-205.5. Place of business address information — Record retention.
(1)
Terms Used In Utah Code 31A-14-205.5
Alien insurer: means an insurer domiciled outside the United States. See Utah Code 31A-1-301
consultant: means a person who:
(a)
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
Contract: A legal written agreement that becomes binding when signed.
Foreign insurer: means an insurer domiciled outside of this state, including an alien insurer. See Utah Code 31A-1-301
Form: means one of the following prepared for general use:
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
License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
Person: includes :
(a)
an individual;
(b)
a partnership;
(c)
a corporation;
(d)
an incorporated or unincorporated association;
(e)
a joint stock company;
(f)
a trust;
(g)
a limited liability company;
(h)
a reciprocal;
(i)
a syndicate; or
(j)
another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
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
(a)
A licensee under this chapter shall register and maintain with the commissioner:
(i)
the address and the one or more telephone numbers of the licensee’s principal place of business; and
(ii)
a valid business email address at which the commissioner may contact the licensee.
(b)
A licensee shall notify the commissioner within 30 days of a change of any of the following required to be registered with the commissioner under this section:
(i)
an address;
(ii)
a telephone number; or
(iii)
a business email address.
(2)
(a)
Except as provided under Subsection (3), a licensee under this chapter shall keep at the address of the principal place of business registered under Subsection (1), separate and distinct books and records of the transactions consummated under the Utah license.
(b)
The books and records described in Subsection (2)(a) shall:
(i)
be in an organized form; and
(ii)
be available to the commissioner for inspection upon reasonable notice.
(c)
The books and records described in Subsection (2)(a) shall include the following:
(i)
if the licensee is a foreign insurer, alien insurer, commercially domiciled insurer, foreign title insurer, or foreign fraternal:
(A)
a record of each insurancecontract procured by or issued through the licensee, with the names of the one or more insureds, the amount of premium and commissions or other compensation, and the subject of the insurance;
(B)
the name of any other producer, surplus lines producer, limited line producer, consultant, managing general agent, or reinsurance intermediary from whom business is accepted, and of a person to whom commissions or allowances of any kind are promised or paid; and
(C)
a record of the consumer complaints forwarded to the licensee by an insurance regulator; and
Subsection (2) is satisfied if the books and records specified in Subsection (2) can be obtained immediately from a central storage place or elsewhere by online computer terminals located at the registered address.
(4)
A licensee who represents only a single insurer satisfies Subsection (2) if the insurer maintains the books and records pursuant to Subsection (2) at a place satisfying Subsections (1) and (5).
(5)
(a)
The books and records maintained under Subsection (2) shall be available for the inspection of the commissioner during the business hours for a period of time after the date of the transaction as specified by the commissioner by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, but in no case for less than three calendar years in addition to the current calendar year.
(b)
Discarding a book or record after the applicable record retention period has expired does not place the licensee in violation of a later-adopted longer record retention period.
