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
(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:
(A)
receives on the date of the premium finance loan a guarantee of a future life settlement value of the policy; or
(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
Owner: means any of the following who resides in this state and seeks to enter into a life settlement:
another similar entity or combination of entities acting in concert. 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.
(a)
A life settlement provider or life settlementproducer shall establish and continuously maintain a system of control over the content, form, and method of dissemination of advertisements of the life settlement provider‘s or life settlement producer‘s contracts and services.
(b)
An advertisement is the responsibility of the life settlement provider or life settlement producer as well as the person that creates or presents the advertisement.
(c)
A system of control shall include at least annual notification to persons authorized by the life settlement provider or life settlement producer that disseminate advertisements of the requirements and procedures for approval before use of any advertisements not furnished by the life settlement provider or life settlement producer.
(2)
An advertisement shall be truthful and not misleading in fact or by implication, as determined by the commissioner from the overall impression it may reasonably be expected to create upon a person of average education or intelligence in the segment of the public to which it is directed.
(3)
A false or misleading statement is not remedied by:
(a)
making a life settlement available for inspection before it is consummated; or
(b)
offering to refund payment if the owner is not satisfied within the period prescribed in Subsection 31A-36-109(7).
