31A-36-106 - Reporting requirements and privacy. - Utah Statutes

31A-36-106. Reporting requirements and privacy.
(1) (a) Subject to Subsection (1)(b), a life settlement provider shall file with thecommissioner on or before March 1 of each year an annual report containing the information thecommissioner prescribes under Section 31A-36-119.
(b) Notwithstanding Subsection (1)(a), the commissioner shall only require theinformation for those transactions that involve an owner.
(2) Except as otherwise allowed or required by law, the following may not disclose theidentity, financial information, or medical information of an insured to any other person:
(a) a life settlement provider;
(b) a life settlement producer;
(c) a producer of insurance;
(d) an information bureau;
(e) a rating agency or company; or
(f) any other person knowing the identity of an insured.
(3) Notwithstanding Subsection (2), a person may disclose the identity of an insured ifthe disclosure is:
(a) necessary to effect a life settlement between an owner and a life settlement providerand both the owner and the insured give prior written consent to the disclosure;
(b) furnished in response to an investigation or examination by the commissioner oranother governmental officer or agency;
(c) furnished pursuant to Section 31A-36-114;
(d) a term of or condition to the transfer of a policy by one life settlement provider toanother life settlement provider;
(e) necessary to permit a financing entity, related provider trust, or special purpose entityto finance the purchase of a policy by a life settlement provider and the insured gives priorwritten consent to the disclosure;
(f) necessary to allow the life settlement provider or life settlement producer or the lifesettlement provider's or life settlement producer's authorized representatives to make a contact todetermine the health status of an insured; or
(g) required to purchase stop-loss coverage.

Amended by Chapter 355, 2009 General Session