31A-14-205.5. Place of business address information -- Record retention.

508 words·~2 min read·/ut/title-31a/chapter-14/31a-14-205-5·

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Effective 5/9/2017

(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 the licensee.

(b)A licensee shall notify the commissioner within 30 days of a change of any of the following required to be registered with the commissioner under this section:

(i)an address;

(ii)a telephone number; or

(iii)a business email address.

(a)Except as provided under Subsection

(3), a licensee under this chapter shall keep at the address of the principal place of business registered under Subsection

(1), separate and distinct books and records of the transactions consummated under the Utah license.

(b)The books and records described in Subsection (2)(a) shall:

(i)be in an organized form; and

(ii)be available to the commissioner for inspection upon reasonable notice.

(c)The books and records described in Subsection (2)(a) shall include the following:

(i)if the licensee is a foreign insurer, alien insurer, commercially domiciled insurer, foreign title insurer, or foreign fraternal:

(A)a record of each insurance contract procured by or issued through the licensee, with the names of the one or more insureds, the amount of premium and commissions or other compensation, and the subject of the insurance;

(B)the name of any other producer, surplus lines producer, limited line producer, consultant, managing general agent, or reinsurance intermediary from whom business is accepted, and of a person to whom commissions or allowances of any kind are promised or paid; and

(C)a record of the consumer complaints forwarded to the licensee by an insurance regulator; and

(ii)any additional information that:

(A)is customary for a similar business; or

(B)may reasonably be required by the commissioner by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act .

(3)Subsection

(2)is satisfied if the books and records specified in Subsection

(2)can be obtained immediately from a central storage place or elsewhere by online computer terminals located at the registered address.

(4)A licensee who represents only a single insurer satisfies Subsection

(2)if the insurer maintains the books and records pursuant to Subsection

(2)at a place satisfying Subsections

(1)and

(5).

(a)The books and records maintained under Subsection

(2)shall be available for the inspection of the commissioner during the business hours for a period of time after the date of the transaction as specified by the commissioner by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , but in no case for less than three calendar years in addition to the current calendar year.

(b)Discarding a book or record after the applicable record retention period has expired does not place the licensee in violation of a later-adopted longer record retention period.

Enacted by Chapter 168 , 2017 General Session