Utah Code 31A-36-114. Reporting of fraud and immunity
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(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.
Terms Used In Utah Code 31A-36-114
- Business of life settlements: includes the following:(2)(a) offering a life settlement;(2)(b) soliciting a life settlement;(2)(c) negotiating a life settlement;(2)(d) procuring a life settlement;(2)(e) effectuating a life settlement;(2)(f) purchasing a life settlement;(2)(g) investing in a life settlement;(2)(h) financing a life settlement;(2)(i) monitoring a life settlement;(2)(j) tracking a life settlement;(2)(k) underwriting a life settlement;(2)(l) selling a life settlement;(2)(m) transferring a life settlement;(2)(n) assigning a life settlement;(2)(o) pledging a life settlement;(2)(p) hypothecating a life settlement; or(2)(q) in any other manner acquiring an interest in an insurance policy by means of a life settlement. See Utah Code 31A-36-102
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Filing: when used as a noun, means an item required to be filed with the department including:
(70)(a) a policy;(70)(b) a rate;(70)(c) a form;(70)(d) a document;(70)(e) a plan;(70)(f) a manual;(70)(g) an application;(70)(h) a report;(70)(i) a certificate;(70)(j) an endorsement;(70)(k) an actuarial certification;(70)(l) a licensee annual statement;(70)(m) a licensee renewal application;(70)(n) an advertisement;(70)(o) a binder; or(70)(p) an outline of coverage. See Utah Code 31A-1-301- Fraud: Intentional deception resulting in injury to another.
- Insurance: includes :
(96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;(96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and(96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301- Life insurance: means :
(114)(a)(i) insurance on a human life; and(114)(a)(ii) insurance pertaining to or connected with human life. See Utah Code 31A-1-301- 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- Plaintiff: The person who files the complaint in a civil lawsuit.
- 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- Statute: A law passed by a legislature.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(2) A person not engaged in the business of life settlements that knows or reasonably believes that a violation of Section 31A-36-113 is being, has been, or will be committed may furnish to the commissioner the information required by, and in a manner prescribed by, the commissioner.(3) Except as provided in Subsection (4), a person furnishing information of the kind described in this section is immune from liability and civil action if the information is furnished to or received from:(3)(a) the commissioner or the commissioner’s employees, agents, or representatives;(3)(b) federal, state, or local law enforcement or regulatory officials or their employees, agents, or representatives;(3)(c) another person involved in the prevention or detection of violations of Section 31A-36-113 or that person’s employees, agents, or representatives;(3)(d) the following organizations or their employees, agents, or representatives:(3)(d)(i) the National Association of Insurance Commissioners;(3)(d)(ii) the Financial Industry Regulatory Authority;(3)(d)(iii) the North American Securities Administrators Association; or(3)(d)(iv) another regulatory body overseeing life insurance, life settlements, securities, or investment fraud; or(3)(e) the insurer that issued the policy concerned in the information.(4) The immunity provided in Subsection (3) does not extend to a statement made with actual malice. In an action brought against a person for filing a report or furnishing other information concerning a violation of this section, the plaintiff shall plead specifically that the defendant acted with actual malice.(5) A person furnishing information as identified in Subsection (3) is entitled to an award of attorney fees and costs if:(5)(a) the person is the prevailing party in a civil cause of action for libel, slander, or another relevant tort arising out of activities in carrying out the provisions of this chapter; and(5)(b) the action did not have a reasonable basis in law or fact at the time it was initiated.(6) This section does not supplant or modify any other privilege or immunity at common law or under another statute.