Licensing Requirements: Surplus lines brokers are required to be licensed under Utah law. Utah Code Ann. § 31A-23a-103. A producer is eligible to become a surplus lines brokers if the applicant
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. Every licensee is a trustee for
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Insurance producers may charge fees in lieu of or
The disclosure of any noncommission compensation must meet the following requirements: Include the signature of the insured or prospective insured acknowledging the noncommission compensation; Clearly specify the amount of any
What entities are covered? “A person who owns or licenses computerized data that includes personal information concerning a Utah resident.” § 13-44-202(1)(a). Is there a requirement for service providers? Yes.
