REPEALED R590. Insurance,
Administration. Effective 6-20-88 This rule is written pursuant to authority created in the commissioner by Subsection 31A-1-103(3)(d), Utah Code Annotated, allowing rulemaking to exempt certain business activities from regulation of the Insurance Department. R590-125-2. Definitions. For the purpose of this rule, the commissioner adopts for the definition of "bail bond insurance" and "persons" those definitions set forth in Subsections 31A-1-301(6) and 301(60). R590-125-3. Purpose. A. The purpose of this rule is to exempt from licensing requirements those persons offering for sale "bail bond insurance." B. This rule is based upon a finding that the business of offering for sale of bail bond insurance does not require Insurance Department regulation for the protection of the public interest because bonding activities have sufficient oversight by the Court System. C. The Department further finds that the practice of requiring limited licenses to sell bail bond insurance does nothing to limit potential abuses by the seller of these products. D. This rule does not affect the status of surety companies, motor club licensees, or any other licensees under Title 31A. R590-125-4. Rule. Organizations or individuals issuing or offering for sale bail bond insurance are exempt from licensing requirements in Utah. This exemption applies only to those persons offering bail bond insurance exclusively, and does not operate to exempt those persons issuing or selling bail bond insurance as well as other insurance products, which would, without bail bond insurance, require licensure in Utah. KEY: insurance |