Utah Code 31A-25-210. License lapse and voluntary surrender

(1)

Terms Used In Utah Code 31A-25-210

Application: means a document:

(a)

(i)	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

Disability: means a physiological or psychological condition that partially or totally limits an individual's ability to:

(a)

perform the duties of:

(i)	that individual's occupation; or

(ii)	an occupation for which the individual is reasonably suited by education, training, or experience; or

(b)

perform two or more of the following basic activities of daily living:

(i)

eating;

(ii)	toileting;

(iii)

transferring;

(iv)	bathing; or

(v)

dressing. See Utah Code 31A-1-301

Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.

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

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)

A license issued under this chapter shall lapse if the licensee fails to:

(i)	pay when due a fee under Section 31A-3-103;

(ii)	submit a completed renewal application as required by Section 31A-25-202;

(iii)

produce, when due, evidence of compliance with the financial responsibility requirement under Section 31A-25-205; or

(iv)	maintain an active license in a resident state if the licensee is a nonresident licensee.

(b)

(i)

A licensee whose license lapses due to the following may request an action described in Subsection (1)(b)(ii):

(A)	military service;

(B)	voluntary service for a period of time designated by the person for whom the licensee provides voluntary service; or

(C)	some other extenuating circumstances, such as long-term medical disability.

(ii)

A licensee described in Subsection (1)(b)(i) may request:

(A)	reinstatement of the license no later than one year from the day on which the license lapses; and

(B)

waiver of any of the following imposed for failure to comply with renewal procedures:

(I)	an examination requirement;

(II)	reinstatement fees set under Section 31A-3-103; or

(III)

other sanction imposed for failure to comply with renewal procedures.

(2)

If a license issued under this chapter is voluntarily surrendered, the license may be reinstated:

(a)	during the license period in which the license is voluntarily surrendered; and

(b)	no later than one year after the day on which the license is voluntarily surrendered.

Amended by Chapter 349, 2009 General Session

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