Utah Code 31A-23a-117. Special requirements for life settlement providers and producers
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(1) A life settlement provider or life settlement producer shall be licensed in accordance with this title, with the additional requirements listed in this section.
Terms Used In Utah Code 31A-23a-117
- Application: means a document:(10)(a)(10)(a)(i) completed by an applicant to provide information about the risk to be insured; and(10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:(10)(a)(ii)(A) insure the risk under:(10)(a)(ii)(A)(I) the coverage as originally offered; or(10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or(10)(a)(ii)(B) decline to insure the risk; or(10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
- Form: means one of the following prepared for general use:
(74)(a)(i) a policy;(74)(a)(ii) a certificate;(74)(a)(iii) an application;(74)(a)(iv) an outline of coverage; or(74)(a)(v) an endorsement. See Utah Code 31A-1-301- License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
- producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(2) A life settlement provider shall provide to the commissioner:(2)(a) a detailed plan of operation with the life settlement provider’s:(2)(a)(i) initial license application; and(2)(a)(ii) renewal application;(2)(b) a copy of the life settlement provider’s most current audited financial statement;(2)(c) an antifraud plan that meets the requirements of Section 31A-36-117; and(2)(d) a bond or other form of assurance of financial responsibility as provided under rules made in accordance with Section 31A-36-119.(3) A life settlement provider shall provide with the life settlement provider’s initial license application information describing the life settlement provider’s life settlement experience, training, and education.(4) A life settlement provider shall provide to the commissioner, within 30 days after a change occurs, new or revised information concerning any of the following:(4)(a) officers;(4)(b) holders of more than 10% of its stock;(4)(c) partners;(4)(d) directors;(4)(e) members; and(4)(f) designated employees. - Form: means one of the following prepared for general use: