Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-170 - Fiduciary and Trust Account Obligations
Section R590-170-8 - Insurer Responsibility
Universal Citation: UT Admin Code R 590-170-8
Current through Bulletin 2024-06, March 15, 2024
(1) Insurers and their managing general agents shall provide a written report to the commissioner within 15 days if:
(a) a
licensee fails to pay an account payable within 30 days of the due date;
or
(b) a licensee issues a check
that is not honored when presented to the bank or is returned because of
insufficient funds.
(2) Subsection (1)(a) may not apply when a legitimate dispute exists regarding the account payable if:
(a) the licensee has
properly notified the insurer of any disputed items; and
(b) the licensee has provided documentation
to the insurer supporting the licensee's position.
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