Utah Admin. Code R590-171-3 - Definitions
Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
(1)
(a) "Exempt commercial purchaser" means a
person purchasing commercial insurance from the surplus lines market that meets
the following requirements:
(i) the person
employs or retains a qualified risk manager to negotiate insurance
coverage;
(ii) the person paid
aggregate nationwide commercial property and casualty insurance premiums of
more than $100,000 in the immediately preceding 12 months; and
(iii) the person meets one or more of the
following criteria:
(A) the person possesses a
net worth of more than $20,000,000 as adjusted under Subsection
(1)(b);
(B) the person generates
annual revenues of more than $50,000,000 as adjusted under Subsection
(1)(b);
(C) the person employs more
than 500 full-time or full-time equivalent employees per individual insured or
is a member of an affiliated group employing more than 1,000 employees in the
aggregate;
(D) the person is a
not-for-profit organization or public entity generating annual budgeted
expenditures of at least $30,000,000 as adjusted under Subsection (1)(b);
or
(E) the person is a municipality
with a population of more than 50,000 persons.
(b) The amounts in Subsections
(1)(a)(iii)(A), (1)(a)(iii)(B), and (1)(a)(iii)(D) are adjusted each fifth
January beginning January 1, 2015, to reflect the percentage change for such
five-year period in the Consumer Price Index for All Urban Consumers published
by the Bureau of Labor Statistics of the Department of Labor.
(2) "Export list" means a list,
published and determined by the commissioner, of coverages and classes of
insurance for which no general market exists with an admitted insurer.
(3) "Surplus lines insurer" means
a non-admitted insurer that may place business in Utah with a surplus lines
producer.
(4) "Surplus lines
producer" means a licensee holding a license type described in Subsection
31A-23a-106(2)(b).
(5) "Surplus lines transaction" means:
(a) the solicitation, negotiation,
procurement, or effectuation with a surplus lines insurer of an insurance
contract or certificate of insurance; or
(b) a renewal, cancellation, endorsement,
audit, or other adjustment to an insurance contract.
Notes
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