Utah Admin. Code R590-170-6 - Insurers' Access to a Trust Account
(1) An insurer may access licensee trust
funds in a trust relationship when a licensee takes reasonable steps to prevent
misappropriation by limiting access to trust funds.
(2) An insurer may access funds in a
licensee's trust account if:
(a)
(i) the contract between the insurer and the
licensee allows fund transfers into or out of the licensee's trust
account;
(ii) the contract
expressly permits the insurer to withdraw only the amount the licensee
authorizes for each transaction; and
(iii) the insurer receives the licensee's
authorization to withdraw a specific amount from the licensee's trust account
before the insurer withdraws the funds; or
(b) the licensee provides the insurer
electronic funds transfer into or out of a separate trust account set up solely
for trust funds deposited for that insurer.
(3) An insurer that implements electronic
funds transfers from a licensee's trust account accepts the commissioner's
right to oversight on all electronic funds transfers between the insurer and
the licensee.
Notes
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