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:
(a)
(i)
completed by an applicant to provide information about the risk to be insured; and
(ii)
that contains information that is used by the insurer to evaluate risk and decide whether to:
(A)
insure the risk under:
(I)
the coverage as originally offered; or
(II)
a modification of the coverage as originally offered; or
(B)
decline to insure the risk; or
(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:
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:
(a)
a detailed plan of operation with the life settlement provider’s:
(i)
initial licenseapplication; and
(ii)
renewal application;
(b)
a copy of the life settlement provider’s most current audited financial statement;
(c)
an antifraud plan that meets the requirements of Section 31A-36-117; and
(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:
