§ 31A-23a-117. Special requirements for life settlement providers and producers.

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

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

(i) initial license application; and

(ii) renewal application;

(b) a copy of the life settlement provider's most current audited financial statement;

(c) an antifraud plan that meets the requirements of Section 31A-36-117; and

(d) a bond or other form of assurance of financial responsibility as provided under rules made in accordance with Section 31A-36-119.

(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) 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:

(a) officers;

(b) holders of more than 10% of its stock;

(c) partners;

(d) directors;

(e) members; and

(f) designated employees.

Amended by Chapter 355, 2009 General Session