Utah Admin. Code R590-170-3 - Definitions
Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
(1)
"Trust account" means a checking or savings account where funds are held in a
fiduciary capacity.
(2) "Accounts
receivable" means a licensee's invoiced premiums, fees, or taxes.
(3) "Accounts payable" means:
(a) premiums or fees due to insurers that a
licensee is responsible for invoicing and collecting from insureds on an
insurer or licensee's behalf; and
(b) premium taxes due to taxing
entities.
(4) "Licensee"
means a person licensed under :
(a) Title 31A,
Chapter 23a, Insurance Marketing -Licensing Producers, Consultants, and
Reinsurance Intermediaries; or
(b)
Title 31A, Chapter 25, Third Party Administrators.
Notes
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