Utah Admin. Code R590-171-2 - Purpose and Scope
A. The purpose
of this rule is:
(1) to recognize The Surplus
Line Association of Utah as the advisory organization of surplus lines
producers;
(2) to authorize The
Surplus Line Association to conduct the examination of surplus lines
transactions;
(3) to authorize The
Surplus Line Association to collect a stamping fee;
(4) to require that each person licensed as a
surplus lines producer in Utah be a member of the advisory
organization;
(5) to regulate
access to the surplus lines market, with exceptions made for substantial
insureds who are presumed to be sophisticated insurance buyers who the
commissioner finds can adequately protect their own interests because of their
financial resources, business experience and insurance knowledge; and
(6) to prescribe procedures for the placement
of insurance with surplus lines insurers.
B. This rule applies, pursuant to Section
31A-15-103,
to the placement of insurance with surplus lines insurers on risks located in
Utah.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.