Utah Code 31A-23a-206. Special requirements for variable contracts line of authority
Current as of: 2024 | Check for updates
|
Other versions
(1) Before applying for a variable contracts line of authority:
Terms Used In Utah Code 31A-23a-206
- consultant: means a person who:(99)(a) advises another person about insurance needs and coverages;(99)(b) is compensated by the person advised on a basis not directly related to the insurance placed; and(99)(c) except as provided in Section
31A-23a-501 , is not compensated directly or indirectly by an insurer or producer for advice given. See Utah Code 31A-1-301- License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
- producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
(1)(a) a producer shall be licensed under Section 61-1-3 as a:(1)(a)(i) broker-dealer; or(1)(a)(ii) broker-dealer agent; and(1)(b) a consultant shall be licensed under Section 61-1-3 as an:(1)(b)(i) investment adviser; or(1)(b)(ii) investment adviser representative.
(2) A producer’s or consultant’s variable contracts line of authority is canceled on the day the producer’s or consultant’s securities related license under Section 61-1-3 is no longer active.