Utah Admin. Code R590-222-6 - Annual Report

(1)

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

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

(2) The report shall:

(a) contain information for the previous calendar year for each life settlement contracted during the reporting period;

(b) be submitted in the format in Appendix B; and

(c) contain the following:

(i) a coded identifier;

(ii) a policy issue date;

(iii) a date of the life settlement;

(iv) a net death benefit settled;

(v) an amount available to the policyholder under the terms of the policy at the time of the settlement; and

(vi) a net amount paid to the owner.

(3) The completed report shall be submitted by email to life.uid@utah.gov.

Notes

Utah Admin. Code R590-222-6

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