Utah Code 31A-23a-414. Consultant’s duty to report illegal insurance
Current as of: 2023 | Check for updates
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Terms Used In Utah Code 31A-23a-414
- 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 - 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 Section 31A-15-110 applies to a consultant‘s duty to report illegal insurance.Renumbered and Amended by Chapter 298, 2003 General Session
- Insurance: includes :