Bona fide office: means a physical office in this state:
(a)
that is open to the public;
(b)
that is staffed during regular business hours on regular business days; and
(c)
at which the public may appear in person to obtain services. 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
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
(a)
through an agency title insuranceproducer who is a resident in Utah; or
(b)
if the authorized foreign title insurer has a bona fide office in Utah:
(i)
that is under the direction and control of the authorized foreign title insurer;
(ii)
for which the authorized foreign title insurer pays the expenses, including compensation of the employees of the bona fide office;
(iii)
at which a person may request information about title services related to a real estate transaction for which the person is a party;
(iv)
at which a person may deliver written communications to the authorized foreign title insurer as required by the real estate transaction for which the person is a party; and
(v)
at which a person may deliver escrow money related to a real estate transaction for which the person is a party.
