Utah Code 31A-36-107. Examinations and retention of records
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(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.
Terms Used In Utah Code 31A-36-107
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Department: means the Insurance Department. See Utah Code 31A-1-301
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Form: means , in addition to a form as defined in Section 31A-1-301:(6)(a) a life settlement;(6)(b) a disclosure to an owner;(6)(c) a notice of intent to settle; or(6)(d) a verification of coverage. See Utah Code 31A-36-102
- Individual: means a natural person. See Utah Code 31A-1-301
- Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
(103)(a)(i) a policyholder;(103)(a)(ii) a subscriber;(103)(a)(iii) a member; and(103)(a)(iv) a beneficiary. See Utah Code 31A-1-301- Life settlement: includes :
(8)(b)(i) the transfer for compensation or value of ownership or beneficial interest in a trust or other entity that owns a policy if the trust or other entity is formed or operated for the principal purpose of acquiring one or more policies; or(8)(b)(ii) a premium finance loan made for a policy by a lender to an owner on, before, or after the date of issuance of the policy if the owner:(8)(b)(ii)(A) receives on the date of the premium finance loan a guarantee of a future life settlement value of the policy; or(8)(b)(ii)(B) agrees on the date of the premium finance loan to sell the policy or any portion of the policy's death benefit on a date following the issuance of the policy. See Utah Code 31A-36-102- Life settlement producer: means a person licensed in the state as a life insurance producer that on behalf of an owner and for consideration offers or attempts to negotiate a life settlement between the owner and one or more life settlement providers. See Utah Code 31A-36-102
- Life settlement provider: means a person other than an owner that enters into or effectuates a life settlement. See Utah Code 31A-36-102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Owner: means any of the following who resides in this state and seeks to enter into a life settlement:
(12)(a)(i) the owner of a policy; or(12)(a)(ii) the holder of a certificate of a group policy. See Utah Code 31A-36-102- Person: includes :
(146)(a) an individual;(146)(b) a partnership;(146)(c) a corporation;(146)(d) an incorporated or unincorporated association;(146)(e) a joint stock company;(146)(f) a trust;(146)(g) a limited liability company;(146)(h) a reciprocal;(146)(i) a syndicate; or(146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301- Policy: means :
(13)(a) an individual or group life insurance policy;(13)(b) an individual or group annuity policy;(13)(c) a group life insurance certificate;(13)(d) a group annuity certificate; or(13)(e) a life insurance policy or an annuity policy, whether or not delivered or issued for delivery in Utah:(13)(e)(i) affecting the rights of a resident of Utah; or(13)(e)(ii) bearing a reasonable relation to Utah. See Utah Code 31A-36-102- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
- 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
- Settled policy: means a policy that is acquired by a life settlement provider pursuant to a life settlement. See Utah Code 31A-36-102
- 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 or life settlement producer shall retain for five years copies of:(2)(a) the following records, whether proposed, offered, or executed, from the later of the date of the proposal, offer, or execution:(2)(a)(i) contracts;(2)(a)(ii) purchase agreements;(2)(a)(iii) underwriting documents;(2)(a)(iv) policy forms; and(2)(a)(v) applications;(2)(b) checks, drafts, and other evidence or documentation relating to the payment, transfer, or release of money, from the date of the transaction; and(2)(c) records and documents related to the requirements of this chapter.(3) This section does not relieve a person of the obligation to produce a document described in Subsection (2) to the commissioner after the expiration of the relevant period if the person has retained the document.(4) A record required by this section to be retained:(4)(a) shall be legible and complete; and(4)(b) may be retained in any form or by any process that accurately reproduces or is a durable medium for the reproduction of the record.(5) An examiner may not be appointed by the commissioner if the examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in a person subject to examination under this chapter. This Subsection (5) does not automatically preclude an examiner from being:(5)(a) an owner;(5)(b) an insured in a settled policy; or(5)(c) a beneficiary in a policy that is proposed to be settled.