31A-36-103. Law governing. (1) If there is more than one owner on a single policy and the owners are residents of different states, the law of the state in which the owner having the largest percentage ownership resides governs the life settlement. If the owners own equal fractions of a policy, the owners may agree […]
31A-36-104. License requirements, revocation, and denial. (1) (a) A person may not, without first obtaining a license from the commissioner, operate in or from this state as: (i) a life settlement provider; or (ii) a life settlement producer. (b) A life settlement is included within the scope of the life insurance producer line of authority. […]
31A-36-105. Filing and use of forms for life settlement and disclosure. (1) A person may not use a form unless the form is filed with the commissioner under Subsection 31A-21-201(1). (2) The commissioner may prohibit the use of a form submitted under Subsection (1) pursuant to Subsection 31A-21-201(3). (3) The commissioner may require the submission […]
31A-36-106. Reporting requirements and privacy. (1) (a) Subject to Subsection (1)(b), a life settlement provider shall file with the commissioner on or before March 1 of each year an annual report containing the information the commissioner prescribes under Section 31A-36-119. (b) Notwithstanding Subsection (1)(a), the commissioner shall only require the information for those transactions that […]
31A-36-107. Examinations and retention of records. (1) The commissioner may conduct an examination of a life settlement provider or life settlement producer in accordance with Sections 31A-2-203, 31A-2-203.5, 31A-2-204, and 31A-2-205. (2) A life settlement provider or life settlement producer shall retain for five years copies of: (a) the following records, whether proposed, offered, or […]
31A-36-108. Required disclosures. (1) With an application for a life settlement, a life settlement provider or life settlement producer shall furnish to the owner the disclosures the commissioner may require under Section 31A-36-119, in a separate document signed by the owner and the life settlement provider or life settlement producer, no later than the time […]
31A-36-109. General requirements. (1) If a life settlement provider transfers ownership or changes the beneficiary of a settled policy, the life settlement provider shall inform the insured of the transfer or change within 20 calendar days. (2) A life settlement provider that enters a life settlement shall first obtain: (a) if the owner is the […]
31A-36-110. Payment and document requirements. (1) (a) A life settlement provider shall instruct the owner to send the executed documents required to effect the change in ownership or assignment or change of beneficiary of the affected policy to a designated independent escrow agent. (b) Within three business days after the day on which the escrow […]
31A-36-111. Prohibited acts. (1) An owner may not enter into a life settlement at any time before the application or issuance of a policy. (2) An owner may not enter into a life settlement within two years after the date of issuance of the policy to which the life settlement relates unless the owner certifies […]
31A-36-112. Advertising regulations. (1) (a) A life settlement provider or life settlement producer shall establish and continuously maintain a system of control over the content, form, and method of dissemination of advertisements of the life settlement provider’s or life settlement producer’s contracts and services. (b) An advertisement is the responsibility of the life settlement provider […]
31A-36-113. Fraud. (1) As used in this section, “recklessly” means engaging in conduct: (a) when a person knows or should have known of a substantial likelihood of the existence of the relevant facts or risks; and (b) involving a significant deviation from acceptable standards of conduct. (2) A person may not, knowingly or with intent […]
31A-36-114. Reporting of fraud and immunity. (1) A person engaged in the business of life settlements that knows or reasonably suspects that a violation of Section 31A-36-113 is being, has been, or will be committed shall provide to the commissioner the information required by, and in a manner prescribed by, the commissioner. (2) A person […]
31A-36-115. Confidentiality. (1) The following shall be classified as protected records under Title 63G, Chapter 2, Government Records Access and Management Act: (a) a document or information furnished pursuant to Section 31A-36-114; and (b) a document or information obtained by the commissioner in an investigation of a violation of Section 31A-36-113. (2) Subsection (1) does […]
31A-36-116. Other law enforcement or regulatory authority. This chapter does not: (1) preempt the authority or relieve the duty of other law enforcement or regulatory agencies to investigate, examine, and prosecute suspected violations of law; (2) prevent or prohibit a person from disclosing voluntarily information concerning life settlement fraud to a law enforcement or regulatory […]
31A-36-117. Antifraud initiatives. (1) The following shall establish and maintain antifraud initiatives which are reasonably calculated to prevent, detect, and assist in the prosecution of violations of Section 31A-36-113: (a) a life settlement provider; and (b) an agency that is a life settlement producer. (2) The commissioner may order, or a licensee may request and […]
31A-36-118. Criminal penalties and restitution. (1) A person subject to this chapter is subject to: (a) Section 31A-2-308 for an administrative violation of this title; (b) prosecution under Section 76-6-412 for a criminal activity involving a life settlement; or (c) prosecution under Section 31A-31-103 for insurance fraud involving a life settlement. (2) A person found […]
31A-36-119. Authority to make rules. In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may adopt rules to: (1) establish the requirements for the annual report required under Section 31A-36-106; (2) establish standards for evaluating the reasonableness of payments under life settlements; (3) establish appropriate licensing requirements, fees, and standards for […]
