State Codes and Statutes
Statutes > Utah > Title-31a > Chapter-23a > 31a-23a-80131A-23a-801. Licensure.
(1) A person, firm, association, or corporation may not act as a reinsuranceintermediary-broker in this state if the reinsurance intermediary-broker maintains an office eitherdirectly or as a member or employee of a firm or association, or an officer, director, or employeeof a corporation unless:
(a) in this state, the reinsurance intermediary-broker is a licensed producer in this state;or
(b) in another state, the reinsurance intermediary-broker is a licensed producer in thisstate or another state having a licensing law substantially similar to this part, or the reinsuranceintermediary-broker is licensed in this state as a nonresident reinsurance intermediary.
(2) A person, firm, association, or corporation may not act as a reinsuranceintermediary-manager:
(a) for a reinsurer domiciled in this state, unless the reinsurance intermediary-manager isa licensed producer in this state;
(b) in this state, if the reinsurance intermediary-manager maintains an office eitherdirectly or as a member or employee of a firm or association, or as an officer, director, oremployee of a corporation in this state, unless the reinsurance intermediary-manager is a licensedproducer in this state; or
(c) in another state for a nondomestic insurer, unless the reinsuranceintermediary-manager is a licensed producer in this state or another state having a licensing lawsubstantially similar to this chapter, or the person is licensed in this state as a nonresidentreinsurance intermediary.
(3) The commissioner may require a bond in an amount he finds acceptable for theprotection of each reinsurer represented.
(4) (a) The commissioner may issue a reinsurance intermediary license to any person,firm, association, or corporation which has complied with the requirements of this chapter.
(i) Any license issued to a firm or association will authorize all the members of the firmor association, and any designated employees, to act as reinsurance intermediaries under thelicense. Each member, employee, or similar person shall be named in the application and anysupplements to the application.
(ii) Any license issued to a corporation shall authorize all of the officers, directors, andany designated employees to act as reinsurance intermediaries on behalf of the corporation, andall authorized persons shall be named in the application and any supplements to the application.
(b) If the applicant for a reinsurance intermediary license is a nonresident, the applicant,as a condition precedent to receiving or holding a license, shall designate the commissioner asagent for service of process in the manner, and with the same legal effect, provided for by thistitle for designation of service of process upon unauthorized insurers. The applicant also shallfurnish the commissioner with the name and address of a resident of this state upon whomnotices or orders of the commissioner or process affecting the nonresident reinsuranceintermediary may be served. The licensee shall promptly notify the commissioner in writing ofevery change in its designated agent for service of process, and the change does not becomeeffective until acknowledged by the commissioner.
(5) The commissioner may refuse to issue a reinsurance intermediary license if hedetermines that the applicant, any one named on the application, or any member, principal,officer, or director of the applicant, is not trustworthy, or that any controlling person of the
applicant is not trustworthy to act as a reinsurance intermediary, or that any of the persons namedhas given cause for revocation or suspension of the license, or has failed to comply with anyprerequisite for the issuance of the license. Upon written request the commissioner will furnish asummary of the basis for his refusal to issue a license. The summary document shall beconfidential.
(6) Licensed attorneys-at-law of this state when acting in their professional capacity asattorneys are exempt from this section.
Renumbered and Amended by Chapter 298, 2003 General Session
