Arizona Laws 20-3210. Annual statements; record retention
A. Each licensed provider shall file with the director on or before March 1 of each year an annual statement in a form prescribed by the director. The annual statement shall be verified by the oath of at least two of its principal officers, showing its condition at the end of the preceding calendar year. In addition to any other requirements, the annual statement shall include the total number, aggregate face amount and life settlement proceeds of policies settled during the immediately preceding calendar year, together with a breakdown of the information by policy issue year. The annual statement shall not include individual transaction data regarding the business of life settlements or information that there is a reasonable basis to believe could be used to identify the owner or the insured.
Terms Used In Arizona Laws 20-3210
- Business of life settlements: includes offering to enter into, soliciting, negotiating, procuring, effectuating, monitoring or tracking of life settlement contracts. See Arizona Laws 20-3201
- Insured: means the person who is covered under the policy being considered for sale in a life settlement contract. See Arizona Laws 20-3201
- Policy: means an individual or group policy, group certificate, contract or arrangement of life insurance owned by a resident of this state regardless of whether delivered or issued for delivery in this state. See Arizona Laws 20-3201
- Settled: means a life insurance policy or certificate that has been acquired by a provider pursuant to a life settlement contract. See Arizona Laws 20-3201
- 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.
B. The provider shall maintain records of all consummated transactions and life settlement contracts for three years after the death of the insured. The director may inspect these records during reasonable business hours.