1. (1) A life settlement provider or life settlement producer shall be licensed in accordance with this title, with the additional requirements listed in this section.

2. (2) A life settlement provider shall provide to the commissioner:

   1. (a) a detailed plan of operation with the life settlement provider's:

      1. (i) initial license application; and
      2. (ii) renewal application;
   2. (b) a copy of the life settlement provider's most current audited financial statement;
   3. (c) an antifraud plan that meets the requirements of Section 31A-36-117; and
   4. (d) a bond or other form of assurance of financial responsibility as provided under rules made in accordance with Section 31A-36-119.
3. (3) A life settlement provider shall provide with the life settlement provider's initial license application information describing the life settlement provider's life settlement experience, training, and education.

4. (4) A life settlement provider shall provide to the commissioner, within 30 days after a change occurs, new or revised information concerning any of the following:

   1. (a) officers;
   2. (b) holders of more than 10% of its stock;
   3. (c) partners;
   4. (d) directors;
   5. (e) members; and
   6. (f) designated employees.

Amended by Chapter 355, 2009 General Session