31A-36-107. Examinations and retention of records.

323 words·~1 min read·/ut/title-31a/chapter-36/31a-36-107

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The commissioner may conduct an examination of a life settlement provider or life settlement producer in accordance with Sections 31A-2-203 , 31A-2-203.5 , 31A-2-204 , and 31A-2-205 .

(2)A life settlement provider or life settlement producer shall retain for five years copies of:

(a)the following records, whether proposed, offered, or executed, from the later of the date of the proposal, offer, or execution:

(i)contracts;

(ii)purchase agreements;

(iii)underwriting documents;

(iv)policy forms; and

(v)applications;

(b)checks, drafts, and other evidence or documentation relating to the payment, transfer, or release of money, from the date of the transaction; and

(c)records and documents related to the requirements of this chapter.

(3)This section does not relieve a person of the obligation to produce a document described in Subsection

(2)to the commissioner after the expiration of the relevant period if the person has retained the document.

(4)A record required by this section to be retained:

(a)shall be legible and complete; and

(b)may be retained in any form or by any process that accurately reproduces or is a durable medium for the reproduction of the record.

(5)An examiner may not be appointed by the commissioner if the examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in a person subject to examination under this chapter. This Subsection

(5)does not automatically preclude an examiner from being:

(a)an owner;

(b)an insured in a settled policy; or

(c)a beneficiary in a policy that is proposed to be settled.

(a)An examinee under this section shall reimburse the cost of an examination to the department consistent with Section 31A-2-205 .

(b)Notwithstanding Subsection (6)(a) , an individual life settlement producer is not subject to Section 31A-2-205 .

Amended by Chapter 297 , 2011 General Session