§ 31A-36-106 — Reporting requirements and privacy.

Utah § 31A-36-106

• Jurisdiction: Utah
• Title 31A: Insurance Code
• Ch. 31A-36: Life Settlements Act

Text

(1) (1)(a) Subject to Subsection (1)(b), a life settlement provider shall file with the commissioner on or before March 1 of each year an annual report containing the information the commissioner prescribes under Section 31A-36-119.
(1)(b) Notwithstanding Subsection (1)(a), the commissioner shall only require the information for those transactions that involve an owner.
(2) Except as otherwise allowed or required by law, the following may not disclose the identity, financial information, or medical information of an insured to any other person:

(2)(a) a life settlement provider;
(2)(b) a life settlement producer;
(2)(c) a producer of insurance;
(2)(d) an information bureau;
(2)(e) a rating agency or company; or
(2)(f) any other person knowing the identity of an insured.
(3) Notwithstanding Subsection (2), a person may disclose the identity of an insured if the disclosure is:

(3)(a) necessary to effect a life settlement between an owner and a life settlement provider and both the owner and the insured give prior written consent to the disclosure;
(3)(b) furnished in response to an investigation or examination by the commissioner or another governmental officer or agency;
(3)(c) furnished pursuant to Section 31A-36-114;
(3)(d) a term of or condition to the transfer of a policy by one life settlement provider to another life settlement provider;
(3)(e) necessary to permit a financing entity, related provider trust, or special purpose entity to finance the purchase of a policy by a life settlement provider and the insured gives prior written consent to the disclosure;
(3)(f) necessary to allow the life settlement provider or life settlement producer or the life settlement provider's or life settlement producer's authorized representatives to make a contact to determine the health status of an insured; or
(3)(g) required to purchase stop-loss coverage.

Legislative History

Amended by Chapter 355, 2009 General Session