31A-23a-401. Disclosure of conflicting interests. (1) (a) Except as provided under Subsection (1)(b): (i) a licensee under this chapter may not act in the same or any directly related transaction as: (A) a producer for the insured or consultant; and (B) producer for the insurer; and (ii) a producer for the insured or consultant may […]
Effective 5/14/2019 31A-23a-402. Unfair marketing practices — Communication — Unfair discrimination — Coercion or intimidation — Restriction on choice. (1) (a) (i) Any of the following may not make or cause to be made any communication that contains false or misleading information, relating to an insurance product or contract, any insurer, or any licensee under […]
Effective 5/5/2021 31A-23a-402.5. Inducements. (1) (a) Except as provided in Subsection (2), a producer, consultant, or other licensee under this title, or an officer or employee of a licensee, may not induce a person to enter into, continue, or terminate an insurance contract by offering a benefit that is not: (i) specified in the insurance […]
31A-23a-403. Inherent unsuitability. (1) If the commissioner finds after a hearing that a certain type of accident and health insurance, life insurance, or annuity product is inherently unsuitable for persons of certain ages or in certain conditions of health, the commissioner shall make a rule declaring the accident and health insurance, life insurance, or annuity […]
31A-23a-405. Insurer liability. (1) As used in this section, “insurer” includes bail bond surety companies as defined in Section 31A-35-102. (2) There is a rebuttable presumption that every insurer is bound by any act of its appointed licensee performed in this state that is within the scope of the appointed licensee’s actual (express or implied) […]
Effective 5/5/2021 31A-23a-406. Title insurance producer’s business. (1) An individual title insurance producer or agency title insurance producer may do escrow involving real property transactions if all of the following exist: (a) the individual title insurance producer or agency title insurance producer is licensed with: (i) the title line of authority; and (ii) the escrow […]
31A-23a-406.5. Conduct of escrow. (1) Only an escrow agent or a title insurer in compliance with Subsection 31A-4-107(1)(a) and Section 31A-14-211 shall conduct escrow. (2) Subsection (1) does not limit or expand the authority granted to: (a) a person defined as an escrow agent in Section 7-22-101; (b) a person licensed to practice law in […]
Effective 5/9/2017 31A-23a-407. Liability for acts of title insurance producers. (1) Subject to the other provisions in this section, a title insurer that has a contract with or appoints an individual title insurance producer or an agency title insurance producer is liable to a buyer, seller, borrower, lender, or third party that deposits money with […]
31A-23a-408. Representations of agency. A person may not represent that the person is acting in behalf of an insurer unless a written agency contract is in effect giving the person authority from the insurer and the insurer appoints that person to act in behalf of the insurer. Amended by Chapter 284, 2011 General Session
Effective 5/5/2021 31A-23a-409. Trust obligation for money collected. (1) (a) Subject to Subsection (7), a licensee is a trustee for money that is paid to, received by, or collected by a licensee for forwarding to insurers or to insureds. (b) (i) Except as provided in Subsection (1)(b)(ii), a licensee may not commingle trust funds with: […]
Effective 5/10/2016 31A-23a-410. Insurer’s liability if insured pays premium to a licensee or group policyholder. (1) Subject to Subsections (2) and (5), as between the insurer and the insured, the insurer is considered to have received the premium and is liable to the insured for losses covered by the insurance and for any unearned premiums […]
Effective 5/14/2019 31A-23a-411.1. Person’s liability if premium received is not forwarded to the insurer. A person commits insurance fraud as described in Subsection 31A-31-103(1)(g) if that person knowingly fails to forward to the insurer a premium: (1) received from one of the following in partial or total payment of the premium due from: (a) an […]
Effective 5/9/2017 31A-23a-412. Place of business and residence address — Records. (1) (a) A licensee under this chapter shall register and maintain with the commissioner: (i) the address and the one or more telephone numbers of the licensee’s principal place of business; and (ii) a valid business email address at which the commissioner may contact […]
Effective 5/12/2015 31A-23a-413. Title insurance producer’s annual report. An agency title insurance producer and an individual title insurance producer who is not an employee of a title insurer or who has not been designated by an agency title insurance producer shall annually file with the commissioner, by a date and in a form the commissioner […]
31A-23a-414. Consultant’s duty to report illegal insurance. Section 31A-15-110 applies to a consultant’s duty to report illegal insurance. Renumbered and Amended by Chapter 298, 2003 General Session
Effective 5/12/2020 31A-23a-415. Assessment on agency title insurance producers or title insurers — Account created. (1) For purposes of this section: (a) “Premium” is as described in Subsection 59-9-101(3). (b) “Title insurer” means a person: (i) making any contract or policy of title insurance as: (A) insurer; (B) guarantor; or (C) surety; (ii) proposing to […]
31A-23a-416. Solicitations to loan applicants. (1) (a) A person authorized to engage in insurance activities in this state shall prominently disclose in writing the information described in Subsection (1)(b) to a person seeking an extension of credit if: (i) the person authorized to engage in insurance activities also extends credit directly or through a subsidiary […]
31A-23a-417. Financial services insurance activities regulation. (1) It is the intent of the Legislature that the regulation of insurance activities of any person in this state be based on functional regulation principles established in the Gramm-Leach-Bliley Act of 1999, Pub. L. No. 106-102. (2) The insurance activities of any person in this state shall be […]
