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.


Utah Admin. Code R590-170-3
Amended by Utah State Bulletin Number 2022-12, effective 5/26/2022

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