Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-170 - Fiduciary and Trust Account Obligations
Section R590-170-5 - Maintaining a Trust Account
Current through Bulletin 2024-06, March 15, 2024
(1) Funds deposited into a trust account shall be limited to:
(2) Disbursements from a trust account shall be limited to:
(3) Personal or business expenses may not be paid from a trust account, even if the trust account has sufficient commissions to cover the personal or business expenses.
(4) A commission may not be disbursed from a trust account before the beginning of the policy period for which the premium is collected.
(5) A commission attributed to premiums and fees collected shall be disbursed from a trust account on a date no later than the first business day of the calendar quarter after the end of the policy period for which the funds were collected.
(6) A premium due to an insurer may not be paid from a trust account unless:
(7) Premiums financed by a licensee shall be accounted for as a loan and accrue interest at the contracted rate.