- (1) "Trust account" means a checking or savings account where funds are held in a fiduciary capacity.
- (2) "Accounts receivable" means a licensee's invoiced premiums, fees, or taxes.
(3) "Accounts payable" means:
- (a) premiums or fees due to insurers that a licensee is responsible for invoicing and collecting from insureds on an insurer or licensee's behalf; and
- (b) premium taxes due to taxing entities.
(4) "Licensee" means a person licensed under:
- (a) Title 31A, Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries; or
- (b) Title 31A, Chapter 25, Third Party Administrators.
Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
KEY: insurance
Date of Last Change: May 26, 2022
Notice of Continuation: February 7, 2024
Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-23a-406; 31A-23a-409; 31A-23a-412; 31A-25-305