1. (1)(a) By March 1 of each calendar year, a life settlement provider shall submit an annual report to the commissioner.

   1. (b) The report in Subsection (1)(a) is limited to all life settlement transactions where the owner is a resident of this state.

2. (2) The report shall:

   1. (a) contain information for the previous calendar year for each life settlement contracted during the reporting period;
   2. (b) be submitted in the format in Appendix B; and

   3. (c) contain the following:

      1. (i) a coded identifier;
      2. (ii) a policy issue date;
      3. (iii) a date of the life settlement;
      4. (iv) a net death benefit settled;
      5. (v) an amount available to the policyholder under the terms of the policy at the time of the settlement; and
      6. (vi) a net amount paid to the owner.
3. (3) The completed report shall be submitted by email to life.uid@utah.gov.

KEY: insurance, life settlement

Date of Last Change: July 25, 2023

Notice of Continuation: May 1, 2023

Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-36-119