{"data":{"id":"us-ut/utah-code-31a-36-107","jurisdiction":"us-ut","citation":"Utah Code § 31A-36-107","heading":"Examinations and retention of records.","body":"(1) The commissioner may conduct an examination of a life settlement provider or life settlement producer in accordance with Sections 31A-2-203, 31A-2-203.5, 31A-2-204, and 31A-2-205.\n(2) A life settlement provider or life settlement producer shall retain for five years copies of:\n(a) the following records, whether proposed, offered, or executed, from the later of the date of the proposal, offer, or execution:\n(i) contracts;\n(ii) purchase agreements;\n(iii) underwriting documents;\n(iv) policy forms; and\n(v) applications;\n(b) checks, drafts, and other evidence or documentation relating to the payment, transfer, or release of money, from the date of the transaction; and\n(c) records and documents related to the requirements of this chapter.\n(3) This section does not relieve a person of the obligation to produce a document described in Subsection (2) to the commissioner after the expiration of the relevant period if the person has retained the document.\n(4) A record required by this section to be retained:\n(a) shall be legible and complete; and\n(b) may be retained in any form or by any process that accurately reproduces or is a durable medium for the reproduction of the record.\n(5) An examiner may not be appointed by the commissioner if the examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in a person subject to examination under this chapter. This Subsection (5) does not automatically preclude an examiner from being:\n(a) an owner;\n(b) an insured in a settled policy; or\n(c) a beneficiary in a policy that is proposed to be settled.\n(6)\n(a) An examinee under this section shall reimburse the cost of an examination to the department consistent with Section 31A-2-205.\n(b) Notwithstanding Subsection (6)(a), an individual life settlement producer is not subject to Section 31A-2-205.","path":["Title 31A Insurance Code","Chapter 31A-36 Life Settlements Act"],"source_url":"https://le.utah.gov/xcode/Title31A/Chapter36/31A-36-S107.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"51381cb5f121457a52bdb2714ec690aa7011f8ba50666cb73c05d3a5a3acf038","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-31a-36-106","next":"us-ut/utah-code-31a-36-108"},"notice":"GroundRules: Original legal text. Not legal advice."}