1. (1) Insurers and their managing general agents shall provide a written report to the commissioner within 15 days if:

   1. (a) a licensee fails to pay an account payable within 30 days of the due date; or
   2. (b) a licensee issues a check that is not honored when presented to the bank or is returned because of insufficient funds.

2. (2) Subsection (1)(a) may not apply when a legitimate dispute exists regarding the account payable if:

   1. (a) the licensee has properly notified the insurer of any disputed items; and
   2. (b) the licensee has provided documentation to the insurer supporting the licensee's position.

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