Business of life settlements: includes the following:
(a)
offering a life settlement;
(b)
soliciting a life settlement;
(c)
negotiating a life settlement;
(d)
procuring a life settlement;
(e)
effectuating a life settlement;
(f)
purchasing a life settlement;
(g)
investing in a life settlement;
(h)
financing a life settlement;
(i)
monitoring a life settlement;
(j)
tracking a life settlement;
(k)
underwriting a life settlement;
(l)
selling a life settlement;
(m)
transferring a life settlement;
(n)
assigning a life settlement;
(o)
pledging a life settlement;
(p)
hypothecating a life settlement; or
(q)
in any other manner acquiring an interest in an insurance policy by means of a life settlement. See Utah Code 31A-36-102
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.
Insurance: includes :
(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;
(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
(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
Person: includes :
(a)
an individual;
(b)
a partnership;
(c)
a corporation;
(d)
an incorporated or unincorporated association;
(e)
a joint stock company;
(f)
a trust;
(g)
a limited liability company;
(h)
a reciprocal;
(i)
a syndicate; or
(j)
another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
Proceeding: includes an action or special statutory proceeding. 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.
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(a)
a document or information furnished pursuant to Section 31A-36-114; and
(b)
a document or information obtained by the commissioner in an investigation of a violation of Section 31A-36-113.
(2)
Subsection (1) does not prohibit the commissioner from disclosing documents or evidence so furnished or obtained:
(a)
in an administrative or judicial proceeding to enforce laws administered by the commissioner;
(b)
to federal, state, or local law enforcement or regulatory agencies;
(c)
to an organization established to detect and prevent fraudulent life settlement acts;
(d)
to the National Association of Insurance Commissioners; or
(e)
to a person engaged in the business of life settlements that is aggrieved by the violation.
(3)
Disclosure of a document or evidence under Subsection (2) does not abrogate or modify the privilege granted in Subsection (1).
