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Utah Code Title 31A. Insurance Code § 31A-36-107. Examinations and retention of records

Current as of January 01, 2025 | Updated by Findlaw Staff

(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.

(6)(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.

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Cite this article: FindLaw.com - Utah Code Title 31A. Insurance Code § 31A-36-107. Examinations and retention of records - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-31a-insurance-code/ut-code-sect-31a-36-107/

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