31A-36-119 - Authority to make rules. - Utah Statutes

31A-36-119. Authority to make rules.
In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, thecommissioner 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 lifesettlements;
(3) establish appropriate licensing requirements, fees, and standards for continuedlicensure 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 financialresponsibility required under Section 31A-23a-117 for a life settlement provider; and
(b) require, determine the amount, or determine the conditions of an assurance offinancial responsibility for a life settlement producer, including a bond or an errors and omissionsinsurance policy;
(5) govern the relationship of insurers with a life settlement provider or life settlementproducer 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 Section31A-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