31A-23a-206. Special requirements for variable contracts line of authority.
(1)
Before applying for a variable contracts line of authority:
Terms Used In Utah Code 31A-23a-206
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
License: includes a certificate of authority issued to an insurer. 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
(a)
a producer shall be licensed under Section 61-1-3 as a:
(i)
broker-dealer; or
(ii)
broker-dealer agent; and
(b)
a consultant shall be licensed under Section 61-1-3 as an:
(i)
investment adviser; or
(ii)
investment adviser representative.
(2)
A producer’s or consultant’s variable contracts line of authority is canceled on the day the producer’s or consultant’s securities related license under Section 61-1-3 is no longer active.
