Utah Admin. Code R590-157-3 - Definitions

Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:

(1) "Courtesy filing" means a surplus lines policy filing done by a resident surplus lines producer on behalf of a resident or non-resident producer whose licensure does not include a surplus lines line of authority.

(2) "Courtesy filing fee" means a fee charged by a resident surplus lines producer for a courtesy filing.

(3) "Stamping fee" means a percentage of policy premium payable for the examination of a surplus lines transaction as required under Subsection 31A-15-103(11).

(4) "Surplus Line Association" or "Association" means the Surplus Line Association of Utah.

(5) "Surplus lines producer" means a person licensed under Subsection 31A-23a-106(1)(i) to place insurance with eligible unauthorized insurers pursuant to Section 31A-15-103.

(6) "Surplus lines insurer" means an unauthorized foreign or alien insurer that is:

(a) subject to Section 31A-15-103;

(b) doing business in this state through surplus lines producers; and

(c) included on the commissioner's recognized list of surplus lines insurers.

(7) "Surplus lines premium" means the monetary consideration for an insurance policy procured from an unauthorized insurer, and includes policy fees, membership fees, required contributions, or monetary consideration, however designated.

(8) "Surplus lines transaction" means:

(a) the placement of an insurance policy or certificate of insurance with a surplus lines insurer; and

(b) any cancellation, endorsement, audit, or other adjustment to a surplus lines insurance policy that affects the premium.

Notes

Utah Admin. Code R590-157-3

Amended by Utah State Bulletin Number 2022-07, effective 3/16/2022