Utah Admin. Code R590-244-3 - Definitions
Terms used in this rule are defined in Sections 31A-1-301, 31A-23a-102, 31A-23b-102, 31A-26-102, and 31A-35-102. Additional terms are defined as follows:
(1) "Active
license" means authorization by the commissioner to engage in an activity that
is part of or related to the insurance business.
(2) "Inactive license" means a licensee is no
longer authorized by the commissioner to engage in an activity that is part of
or related to the insurance business.
(3) "Lapse" means the inactivation of an
active license by expiration of the period for which the license was issued or
by operation of law.
(4) "License
application" means information submitted by a license applicant that is used by
the commissioner to evaluate the applicant's qualifications and decide whether
to:
(a) issue or decline to issue a
license;
(b) add or decline to add
an additional line of authority to an active license;
(c) renew or decline to renew an active
license; or
(d) reinstate or
decline to reinstate an inactive license.
(5) "License type" means a category of
license identifying a specific functional area of insurance activity for which
the commissioner may grant authority to do business.
(6) "Line of authority" means a line of
insurance in a particular subject matter area within a license type for which
the commissioner may grant authority to do business.
(7) "NIPR" means an electronic application
software provided by the National Insurance Producer Registry.
(8) "Reinstate" means the activation of an
inactive license within 365 days of the inactivation date.
(9) "Renewal" means the continuation of an
active license from one two-year licensing period to another, except that the
licensing period for a bail bond agency is one year.
(10) "Resident," for the purpose of a
resident insurance license, means a person claims this state as the person's
home state in which the person:
(a) maintains
the person's principal place of business or residence; and
(b) is licensed to do insurance
business.
(11) "Sircon"
means an electronic application software provided by Vertafore or its acquiring
parent company.
(12) "Termination
for cause" means:
(a) an insurer or an agency
has ended its relationship with a licensee or has cancelled the licensee's
authority to act on behalf of the insurer or agency for one of the reasons
identified in Subsection
31A-23a-111(5);
or
(b) a licensee has been found to
have engaged in any of the activities identified in Subsection
31A-23a-111(5),
31A-23b-401(4),
or 31A-26-213(5),
by a court, government body, or self-regulatory organization authorized by
law.
Notes
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