§ 31A-36-119. Authority to make rules.

     In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may adopt rules to:

(1) establish the requirements for the annual report required under Section 31A-36-106;

(2) establish standards for evaluating the reasonableness of payments under life settlements;

(3) establish appropriate licensing requirements, fees, and standards for continued licensure for:

(a) a life settlement provider; and

(b) a life settlement producer;

(4)

(a) determine the amount and conditions of a bond or other assurance of financial responsibility required under Section 31A-23a-117 for a life settlement provider; and

(b) require, determine the amount, or determine the conditions of an assurance of financial responsibility for a life settlement producer, including a bond or an errors and omissions insurance policy;

(5) govern the relationship of insurers with a life settlement provider or life settlement producer during the settlement of a policy;

(6) determine the specific disclosures required under Section 31A-36-108;

(7) determine whether advertising for life settlements violates Section 31A-36-112;

(8) determine the information to be provided to the commissioner under Section 31A-36-114 and the manner of providing the information;

(9) determine additional acts or practices that are prohibited under Section 31A-36-111;

(10) establish payment requirements for the payments in Section 31A-36-110; and

(11) establish the filing procedure for the forms listed in Subsection 31A-36-105(1).

Amended by Chapter 355, 2009 General Session