31A-36-119. Authority to make rules.

235 words·~1 min read·/ut/title-31a/chapter-36/31a-36-119

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

In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , the commissioner may adopt rules to:

(1)establish the requirements for the annual report required under Section 31A-36-106 ;

(2)establish standards for evaluating the reasonableness of payments under life settlements;

(3)establish appropriate licensing requirements, fees, and standards for continued licensure for:

(a)a life settlement provider; and

(b)a life settlement producer;

(a)determine the amount and conditions of a bond or other assurance of financial responsibility required under Section 31A-23a-117 for a life settlement provider; and

(b)require, determine the amount, or determine the conditions of an assurance of financial responsibility for a life settlement producer, including a bond or an errors and omissions insurance policy;

(5)govern the relationship of insurers with a life settlement provider or life settlement producer during the settlement of a policy;

(6)determine the specific disclosures required under Section 31A-36-108 ;

(7)determine whether advertising for life settlements violates Section 31A-36-112 ;

(8)determine the information to be provided to the commissioner under Section 31A-36-114 and the manner of providing the information;

(9)determine additional acts or practices that are prohibited under Section 31A-36-111 ;

(10)establish payment requirements for the payments in Section 31A-36-110 ; and

(11)establish the filing procedure for the forms listed in Subsection 31A-36-105(1) .

Amended by Chapter 355 , 2009 General Session