31A-23a-412. Place of business and residence address -- Records.
(1) (a) All licensees under this chapter shall register with the commissioner the address
and telephone numbers of their principal place of business.
(b) If the licensee is an individual, in addition to complying with Subsection (1)(a) the
individual shall provide to the commissioner the individual's residence address and telephone
number.
(c) A licensee shall notify the commissioner within 30 days of any change of address or
telephone number.
(2) (a) Except as provided under Subsection (3), every licensee under this chapter shall
keep at the principal place of business address registered under Subsection (1), separate and
distinct 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 general
agent, or reinsurance intermediary:
(I) a record of each insurance contract procured by or issued through the licensee, with
the names of insurers and insureds, the amount of premium and commissions or other
compensation, and the subject of the insurance;
(II) the names of any other producers, limited line producers, consultants, managing
general agents, or reinsurance intermediaries from whom business is accepted, and of persons to
whom commissions or allowances of any kind are promised or paid; and
(III) a record of all consumer complaints forwarded to the licensee by an insurance
regulator;
(B) if the licensee is a consultant, a record of each agreement outlining the work
performed 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 be
obtained immediately from a central storage place or elsewhere by on-line 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).
(5) (a) The books and records maintained under Subsection (2) or Section 31A-23a-413
shall be available for the inspection of the commissioner during all business hours for a period of
time after the date of the transaction as specified by the commissioner by rule, but in no case for
less than the current calendar year plus three years.
(b) Discarding books and records after the applicable record retention period has expired
does not place the licensee in violation of a later-adopted longer record retention period.
Renumbered and Amended by Chapter 298, 2003 General Session
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Last revised: Thursday, May 28, 2009