Utah Admin. Code R590-171-8 - Reporting and Examination

(1) No later than 60 days after the effective date of a policy or a certificate of insurance placed with a surplus lines insurer, the surplus lines producer shall file with the Surplus Line Association of Utah a complete copy of the policy or certificate of insurance together with justification for placement with a surplus lines insurer.

(2) Justification for placement with a surplus lines insurer shall include:

(a) for insurance placed pursuant to Subsection R590-171-6(1), identification of the specific coverage or class on the export list;

(b) for insurance placed pursuant to Subsection R590-171-6(2), a record of the effort to place the insurance with an admitted insurer under Subsection R590-171-6(2)(a)(ii);

(c) for insurance placed pursuant to Subsection R590-171-6(3), an affidavit signed by the insured;

(d) if applicable, an explanation required by Subsection R590-171-7(5)(c); and

(e) any other information or documentation pertinent to the surplus lines placement.

(3) The Surplus Line Association of Utah shall provide submission forms for compliance with Subsection (2).

(4) If a policy or certificate of insurance is not available within 60 days, a binder with sufficient detail to determine the subject of the insurance, coverages, insured, insurer, premium amount and the justification required by Subsection (2) shall be filed with the Surplus Line Association of Utah.

(5)

(a) If, during an examination performed by the Surplus Line Association of Utah, it determines that a person placing a policy or certificate of insurance with a surplus lines insurer is noncompliant with Subsection 31A-15-103(11)(a) or this rule, the Surplus Line Association of Utah shall take corrective action against the person

(b)

(i) The board of directors of the Surplus Line Association of Utah shall determine what corrective action is appropriate.

(ii) The corrective action is subject to the review of the commissioner.

(c) The Surplus Line Association of Utah shall inform the commissioner of all corrective action cases of noncompliance.

Notes

Utah Admin. Code R590-171-8

Amended by Utah State Bulletin Number 2024-03, effective 1/24/2024