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:
(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.


Utah Admin. Code R590-170-6
Amended by Utah State Bulletin Number 2022-12, effective 5/26/2022

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