Utah Code 31A-23a-604. Examination authority
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Terms Used In Utah Code 31A-23a-604
- Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of Part 7, Producer Controlled Insurers:(4)(a) a risk retention group as defined in:(4)(a)(i) the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-102
- Managing general agent: means a person that:
(6)(a)(i) manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office;(6)(a)(ii) acts as an agent for the insurer whether it is known as a managing general agent, manager, or other similar term;(6)(a)(iii) produces and underwrites an amount of gross direct written premium equal to, or more than, 5% of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year:(6)(a)(iii)(A) with or without the authority;(6)(a)(iii)(B) separately or together with an affiliate; and(6)(a)(iii)(C) directly or indirectly; and(6)(a)(iv)(6)(a)(iv)(A) adjusts or pays claims in excess of an amount determined by the commissioner; or(6)(a)(iv)(B) negotiates reinsurance on behalf of the insurer. See Utah Code 31A-23a-102The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer.
- Managing general agent: means a person that: