Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-222 - Life Settlements
Section R590-222-7 - Payment Requirements
Universal Citation: UT Admin Code R 590-222-7
Current through Bulletin 2024-06, March 15, 2024
(1) Payment of the proceeds of a life settlement pursuant to Subsection 31A-36-110(3) shall be by:
(a) wire transfer to an account
designated by the owner;
(b)
certified check; or
(c) cashier's
check.
(2)
(a) Payment of the proceeds to the owner
pursuant to a life settlement shall be made in a lump sum except where the life
settlement provider purchases an annuity or similar financial instrument issued
by a licensed life insurance company or bank, or an affiliate of
either.
(b) Retention of a portion
of the proceeds, not disclosed or described in the life settlement by the life
settlement provider or escrow agent, is not permissible without written consent
of the owner.
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