completed by an applicant to provide information about the risk to be insured; and
(ii)
that contains information that is used by the insurer to evaluate risk and decide whether to:
(A)
insure the risk under:
(I)
the coverage as originally offered; or
(II)
a modification of the coverage as originally offered; or
(B)
decline to insure the risk; or
(b)
used by the insurer to gather information from the applicant before issuance of an annuity contract. 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
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
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(a)
The commissioner may require an applicant for a particular license type under Section 31A-23a-106 to pass a line of authority examination as a requirement for a license, except that an examination may not be required of an applicant for:
another limited line license line of authority recognized by the commissioner or the Title and Escrow Commission by rule as provided in Subsection 31A-23a-106(3).
(b)
The examination described in Subsection (1)(a):
(i)
shall reasonably relate to the line of authority for which it is prescribed; and
(ii)
may be administered by the commissioner or as otherwise specified by rule.
(2)
The commissioner shall waive the requirement of an examination for a nonresident applicant who:
(a)
applies for an insurance producer license in this state within 90 days of establishing legal residence in this state;
(b)
has been licensed for the same line of authority in another state; and
(c)
(i)
is licensed in the state described in Subsection (2)(b) at the time the applicant applies for an insurance producer license in this state; or
(ii)
if the application is received within 90 days of the cancellation of the applicant’s previous license:
(A)
the prior state certifies that at the time of cancellation, the applicant was in good standing in that state; or
(B)
the state’s producer database records maintained by the National Association of Insurance Commissioners or the National Association of Insurance Commissioner’s affiliates or subsidiaries, indicates that the producer is or was licensed in good standing for the line of authority requested.
(3)
This section’s requirement may only be applied to an applicant who is a natural person.
Amended by Chapter 290, 2014 General Session Amended by Chapter 300, 2014 General Session
