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

State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-36 > 31a-36-107

31A-36-107. Examinations and retention of records.
(1) The commissioner may conduct an examination of a life settlement provider or lifesettlement producer in accordance with Sections 31A-2-203, 31A-2-203.5, 31A-2-204, and31A-2-205.
(2) A life settlement provider or life settlement producer shall retain for five years copiesof:
(a) the following records, whether proposed, offered, or executed, from the later of thedate 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 documentdescribed in Subsection (2) to the commissioner after the expiration of the relevant period if theperson has retained the document.
(4) A record required by this section to be retained:
(a) must be legible and complete; and
(b) may be retained in any form or by any process that accurately reproduces or is adurable medium for the reproduction of the record.
(5) An examiner may not be appointed by the commissioner if the examiner, eitherdirectly or indirectly, has a conflict of interest or is affiliated with the management of or owns apecuniary 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 thedepartment consistent with Section 31A-2-205.
(b) Notwithstanding Subsection (6)(a), an individual life settlement producer is notsubject to Section 31A-2-205.

Amended by Chapter 355, 2009 General Session

State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-36 > 31a-36-107

31A-36-107. Examinations and retention of records.
(1) The commissioner may conduct an examination of a life settlement provider or lifesettlement producer in accordance with Sections 31A-2-203, 31A-2-203.5, 31A-2-204, and31A-2-205.
(2) A life settlement provider or life settlement producer shall retain for five years copiesof:
(a) the following records, whether proposed, offered, or executed, from the later of thedate 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 documentdescribed in Subsection (2) to the commissioner after the expiration of the relevant period if theperson has retained the document.
(4) A record required by this section to be retained:
(a) must be legible and complete; and
(b) may be retained in any form or by any process that accurately reproduces or is adurable medium for the reproduction of the record.
(5) An examiner may not be appointed by the commissioner if the examiner, eitherdirectly or indirectly, has a conflict of interest or is affiliated with the management of or owns apecuniary 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 thedepartment consistent with Section 31A-2-205.
(b) Notwithstanding Subsection (6)(a), an individual life settlement producer is notsubject to Section 31A-2-205.

Amended by Chapter 355, 2009 General Session

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-36 > 31a-36-107

31A-36-107. Examinations and retention of records.
(1) The commissioner may conduct an examination of a life settlement provider or lifesettlement producer in accordance with Sections 31A-2-203, 31A-2-203.5, 31A-2-204, and31A-2-205.
(2) A life settlement provider or life settlement producer shall retain for five years copiesof:
(a) the following records, whether proposed, offered, or executed, from the later of thedate 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 documentdescribed in Subsection (2) to the commissioner after the expiration of the relevant period if theperson has retained the document.
(4) A record required by this section to be retained:
(a) must be legible and complete; and
(b) may be retained in any form or by any process that accurately reproduces or is adurable medium for the reproduction of the record.
(5) An examiner may not be appointed by the commissioner if the examiner, eitherdirectly or indirectly, has a conflict of interest or is affiliated with the management of or owns apecuniary 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 thedepartment consistent with Section 31A-2-205.
(b) Notwithstanding Subsection (6)(a), an individual life settlement producer is notsubject to Section 31A-2-205.

Amended by Chapter 355, 2009 General Session