R590-170-3. Definitions

Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows: (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.