State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-23a > 31a-23a-412

31A-23a-412. Place of business and residence address -- Records.
(1) (a) All licensees under this chapter shall register with the commissioner the addressand telephone numbers of their principal place of business.
(b) If the licensee is an individual, in addition to complying with Subsection (1)(a) theindividual shall provide to the commissioner the individual's residence address and telephonenumber.
(c) A licensee shall notify the commissioner within 30 days of any change of address ortelephone number.
(2) (a) Except as provided under Subsection (3), every licensee under this chapter shallkeep at the principal place of business address registered under Subsection (1), separate anddistinct books and records of all transactions consummated under the Utah license.
(b) The books and records described in Subsection (2)(a) shall:
(i) be in an organized form;
(ii) be available to the commissioner for inspection upon reasonable notice; and
(iii) include all of the following:
(A) if the licensee is a producer, limited line producer, consultant, managing generalagent, or reinsurance intermediary:
(I) a record of each insurance contract procured by or issued through the licensee, withthe names of insurers and insureds, the amount of premium and commissions or othercompensation, and the subject of the insurance;
(II) the names of any other producers, limited line producers, consultants, managinggeneral agents, or reinsurance intermediaries from whom business is accepted, and of persons towhom commissions or allowances of any kind are promised or paid; and
(III) a record of all consumer complaints forwarded to the licensee by an insuranceregulator;
(B) if the licensee is a consultant, a record of each agreement outlining the workperformed and the fee for the work; and
(C) any additional information which:
(I) is customary for a similar business; or
(II) may reasonably be required by the commissioner by rule.
(3) Subsection (2) is satisfied if the books and records specified in Subsection (2) can beobtained immediately from a central storage place or elsewhere by on-line computer terminalslocated at the registered address.
(4) A licensee who represents only a single insurer satisfies Subsection (2) if the insurermaintains the books and records pursuant to Subsection (2) at a place satisfying Subsections (1)and (5).
(5) (a) The books and records maintained under Subsection (2) or Section 31A-23a-413shall be available for the inspection of the commissioner during all business hours for a period oftime after the date of the transaction as specified by the commissioner by rule, but in no case forless than the current calendar year plus three years.
(b) Discarding books and records after the applicable record retention period has expireddoes not place the licensee in violation of a later-adopted longer record retention period.

Renumbered and Amended by Chapter 298, 2003 General Session