Section R590-170-6 - Insurers' Access to a Trust Account(1) An insurer may access licensee trust funds in a trust relationship when a licensee takes reasonable steps to prevent misappropriation by limiting access to trust funds.(2) An insurer may access funds in a licensee's trust account if:(a)(i) the contract between the insurer and the licensee allows fund transfers into or out of the licensee's trust account;(ii) the contract expressly permits the insurer to withdraw only the amount the licensee authorizes for each transaction; and(iii) the insurer receives the licensee's authorization to withdraw a specific amount from the licensee's trust account before the insurer withdraws the funds; or(b) the licensee provides the insurer electronic funds transfer into or out of a separate trust account set up solely for trust funds deposited for that insurer.(3) An insurer that implements electronic funds transfers from a licensee's trust account accepts the commissioner's right to oversight on all electronic funds transfers between the insurer and the licensee.Utah Admin. Code R590-170-6
Amended by Utah State Bulletin Number 2022-12, effective 5/26/2022