31A-15-104 - Direct placement of insurance.
31A-15-104. Direct placement of insurance.
(1) Subject to this section, any person seeking insurance may obtain it from anunauthorized insurer if no producer resident doing business in Utah is involved and ifnegotiations occur primarily outside Utah. Negotiations by mail occur within Utah if a letter orother document containing insurance-related solicitations or negotiations is sent from or to aUtah address. Negotiations by telephone take place within Utah if one of the parties to theconversation is in Utah.
(2) Each policyholder who procures or renews insurance otherwise subject to this codefrom any insurer not authorized to do business in Utah, other than insurance procured underSection 31A-15-103 and the renewal of guaranteed renewable insurance lawfully issued outsideUtah, shall within 60 days after the insurance is procured or renewed, report to the commissionerin the form required by the commissioner and pay the taxes specified by Section 31A-3-301.
(3) (a) Any insurance on personal property sold on the installment plan, under aconditional sales contract, or an equivalent security agreement under the Uniform CommercialCode which charges the buyer, as a part of the consideration in the agreement of sale forinsurance on the property, shall be placed with an insurer authorized to do business in Utah.
(b) Whenever the law of Utah requires a person to purchase insurance on risks in Utah, itshall be obtained from an insurer authorized to do business in Utah, or under Section31A-15-103.
Amended by Chapter 298, 2003 General Session