31A-36-106. Reporting requirements and privacy.
(1) (a) Subject to Subsection (1)(b), a life settlement provider shall file with the
commissioner on or before March 1 of each year an annual report containing the information the
commissioner prescribes under Section 31A-36-119.
(b) Notwithstanding Subsection (1)(a), the commissioner shall only require the
information for those transactions that involve an owner.
(2) Except as otherwise allowed or required by law, the following may not disclose the
identity, financial information, or medical information of an insured to any other person:
(a) a life settlement provider;
(b) a life settlement producer;
(c) a producer of insurance;
(d) an information bureau;
(e) a rating agency or company; or
(f) any other person knowing the identity of an insured.
(3) Notwithstanding Subsection (2), a person may disclose the identity of an insured if
the disclosure is:
(a) necessary to effect a life settlement between an owner and a life settlement provider
and both the owner and the insured give prior written consent to the disclosure;
(b) furnished in response to an investigation or examination by the commissioner or
another governmental officer or agency;
(c) furnished pursuant to Section 31A-36-114;
(d) a term of or condition to the transfer of a policy by one life settlement provider to
another life settlement provider;
(e) necessary to permit a financing entity, related provider trust, or special purpose entity
to finance the purchase of a policy by a life settlement provider and the insured gives prior
written consent to the disclosure;
(f) necessary to allow the life settlement provider or life settlement producer or the life
settlement provider's or life settlement producer's authorized representatives to make a contact to
determine the health status of an insured; or
(g) required to purchase stop-loss coverage.
Amended by Chapter 355, 2009 General Session
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Last revised: Thursday, May 28, 2009