Title 31A Chapter 36 Section 119

Insurance Code
Life Settlements Act
Section 119
Authority to make rules.


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

            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;

            (4) (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