Utah § 31A-23a-802 Required contract provisions -- Reinsurance intermediary-broker.

Utah Statutes

§ 31A-23a-802 — Required contract provisions -- Reinsurance intermediary-broker.

Utah § 31A-23a-802

Title 31AInsurance Code

Ch. 31A-23aInsurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries

Part 31A-23a-8Reinsurance Intermediaries

This text of Utah § 31A-23a-802 (Required contract provisions -- Reinsurance intermediary-broker.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 31A-23a-802 (2026).

Text

Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity may only be entered into pursuant to a written authorization, which specifies the responsibilities of each party. The authorization shall, at a minimum, provide that the reinsurance intermediary-broker:

(1)may have his authority terminated by the insurer at any time;

(2)will render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by, or owing to the reinsurance intermediary-broker, and that he will remit all funds due to the insurer within 30 days of receipt;

(3)shall hold, in a fiduciary capacity, all funds collected for the insurer's account in a financial institution, w

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Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity may only be entered into pursuant to a written authorization, which specifies the responsibilities of each party. The authorization shall, at a minimum, provide that the reinsurance intermediary-broker:
(1) may have his authority terminated by the insurer at any time;
(2) will render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by, or owing to the reinsurance intermediary-broker, and that he will remit all funds due to the insurer within 30 days of receipt;
(3) shall hold, in a fiduciary capacity, all funds collected for the insurer's account in a financial institution, which is a qualified United States financial institution;
(4) will comply with Section 31A-23a-803;
(5) will comply with the written standards established by the insurer for the cession or retrocession of all risks; and
(6) will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.