31A-23a-117. Special requirements for life settlement providers and producers.

193 words·~1 min read·/ut/title-31a/chapter-23a/31a-23a-117

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(1)A life settlement provider or life settlement producer shall be licensed in accordance with this title, with the additional requirements listed in this section.

(2)A life settlement provider shall provide to the commissioner:

(a)a detailed plan of operation with the life settlement provider's:

(i)initial license application; 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:

(a)officers;

(b)holders of more than 10% of its stock;

(c)partners;

(d)directors;

(e)members; and

(f)designated employees.

Amended by Chapter 355 , 2009 General Session