Utah Admin. Code R590-222-10 - Requests for Verification of Coverage

(1) An insurer whose policy is settled shall respond to a request for verification of coverage from a life settlement provider or life settlement producer within 30 days of the date a request is received, subject to:

(a) a current authorization consistent with applicable law, signed by the policyholder or certificate holder, shall accompany the request;

(b) in the case of an individual policy, submission of a form substantially similar to Appendix D that is completed by the life settlement provider or life settlement producer in accordance with the instructions on the form;

(c) in the case of group insurance coverage:

(i) submission of a form substantially similar to Appendix D that is completed by the life settlement provider or life settlement producer in accordance with the instructions on the form; and

(ii) is referred to the group policyholder and completed to the extent the information is available to the group policyholder.

(2) An insurer whose policy is being settled may not charge a fee for responding to a request for information from a life settlement provider or life settlement producer more than any usual and customary charges to policyholders, certificate holders, or insureds for similar services.

(3)

(a) An insurer whose policy is being settled shall send an acknowledgment of receipt of the request for verification of coverage to the policyholder or certificate holder and, if the policyholder or certificate holder is other than the insured, to the insured.

(b) The acknowledgment may contain a general description of any accelerated death benefit or similar benefit available under a provision of or rider to the life insurance contract.

Notes

Utah Admin. Code R590-222-10

Amended by Utah State Bulletin Number 2023-15, effective 7/25/2023