31A-36-107. Examinations and retention of records.
(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) must 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.
Amended by Chapter 355, 2009 General Session
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Last revised: Thursday, May 28, 2009