1. (1) Payment of the proceeds of a life settlement pursuant to Subsection 31A-36-110(3) shall be by:

   1. (a) wire transfer to an account designated by the owner;
   2. (b) certified check; or
   3. (c) cashier's check.

2. (2)(a) Payment of the proceeds to the owner pursuant to a life settlement shall be made in a lump sum except where the life settlement provider purchases an annuity or similar financial instrument issued by a licensed life insurance company or bank, or an affiliate of either.

   1. (b) Retention of a portion of the proceeds, not disclosed or described in the life settlement by the life settlement provider or escrow agent, is not permissible without written consent of the owner.

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