Utah: premium trust account rules
What Utah requires of insurance producers holding premium funds, and what happens when those funds are diverted.
Citation
§§ 31A-23a-409; 31A-23a-111; 31A-23a-602
Source chart last reviewed this jurisdiction: 2/25
What the jurisdiction requires
A licensee owes to insureds and insurers the fiduciary duties of a trustee. Managing general agent shall hold in a fiduciary capacity all funds that are collected for the account of an insurer.
Penalties for diversion
Any licensee who diverts or appropriates any portion of the money held to the licensee’s own use, is guilty of theft. The commissioner may revoke, suspend, limit in whole or in part, or deny a license if the licensee improperly withheld, misappropriated, or converted money received in course of doing insurance business.
This reference is not legal advice. Citations and summaries are transcribed from the NAIC's Fiduciary Responsibilities—Premiums chart (Spring 2025) and reflect that chart's own review dates, which vary by jurisdiction. Statutes change, and the chart may lag the current code. Confirm the current text of any provision with the jurisdiction's insurance department or your own counsel before relying on it.
Tie out a Utah trust account
Tie your premium trust account out three ways — bank, ledger and what you owe — with Utah's cited rule beside the worksheet. Runs in your browser; nothing is uploaded.
Trust account reconciliation worksheetKeep your trust account provably in balance
Policy Balance Hub tracks premium held in trust against what you owe each carrier, so the reconciliation an examiner asks for already exists.