DAR File No. 42874
This notice was published in the June 1, 2018, issue (Vol. 2018, No. 11) of the Utah State Bulletin.
Insurance, Administration
Rule R590-222
Life Settlements
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 42874
Filed: 05/04/2018 05:56:34 PM
NOTICE OF REVIEW AND STATEMENT OF CONTINUATION
Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:
Subsection 31A-2-201(3) authorizes the Insurance Commissioner to write rules to implement the provisions of the Insurance Code, Title 31A. Section 31A-36-119 authorizes the Insurance Commissioner to adopt rules regarding life settlements. This rule implements procedures for the licensure of life settlement providers and producers, producers' annual reports, disclosures, advertising, reporting of fraud, prohibited practices, standards for life settlement payments, and procedures to request the verification of coverage.
Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:
The Department of Insurance has received no written comments regarding this rule in the past five years.
Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:
This rule provides the requirements and explanations regarding the business of life settlements, including licensing, annual reports, payments, disclosures, reasonable payments, verification of coverage, advertising, fraud reporting, prohibited practices, and form filing. All are necessary for the proper regulation of this product in the marketplace and to protect the consumer. Therefore, this rule should be continued.
The full text of this rule may be inspected, during regular business hours, at the Office of Administrative Rules, or at:
InsuranceAdministration
Room 3110 STATE OFFICE BLDG
450 N MAIN ST
SALT LAKE CITY, UT 84114-1201
Direct questions regarding this rule to:
- Steve Gooch at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at sgooch@utah.gov
Effective:
05/04/2018
Authorized by:
Steve Gooch, Information Specialist
Additional Information
More information about a Five-Year Notice of Review and Statement of Continuation is available online.
The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull_pdf/2018/b20180601.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version.
For questions regarding the content or application of this rule, please contact Steve Gooch at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at sgooch@utah.gov. For questions about the rulemaking process, please contact the Office of Administrative Rules.