{"data":{"id":"us-ut/utah-code-31a-23a-802","jurisdiction":"us-ut","citation":"Utah Code § 31A-23a-802","heading":"Required contract provisions -- Reinsurance intermediary-broker.","body":"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:\n(1) may have his authority terminated by the insurer at any time;\n(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;\n(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;\n(4) will comply with Section 31A-23a-803;\n(5) will comply with the written standards established by the insurer for the cession or retrocession of all risks; and\n(6) will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.","path":["Title 31A Insurance Code","Chapter 31A-23a Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries","Part 31A-23a-8 Reinsurance Intermediaries"],"source_url":"https://le.utah.gov/xcode/Title31A/Chapter23a/31A-23a-S802.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"713fb1832fd639041e806019144d918e13fcea0994b837e226b840804d06d2fd","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-31a-23a-801","next":"us-ut/utah-code-31a-23a-803"},"notice":"GroundRules: Original legal text. Not legal advice."}