(1) A life settlement provider or life settlement producer shall be licensed in accordance with this title, with the additional requirements listed in this section.
(2) A life settlement provider shall provide to the commissioner: (a) a detailed plan of operation with the life settlement provider's: (i) initial license application; and (ii) renewal application; (b) a copy of the life settlement provider's most current audited financial statement; (c) an antifraud plan that meets the requirements of Section 31A-36-117; and (d) a bond or other form of assurance of financial responsibility as provided under rules made in accordance with Section 31A-36-119.
(a) a detailed plan of operation with the life settlement provider's: (i) initial license application; and (ii) renewal application;
(i) initial license application; and
(ii) renewal application;
(b) a copy of the life settlement provider's most current audited financial statement;
(c) an antifraud plan that meets the requirements of Section 31A-36-117; and
(d) a bond or other form of assurance of financial responsibility as provided under rules made in accordance with Section 31A-36-119.
(3) A life settlement provider shall provide with the life settlement provider's initial license application information describing the life settlement provider's life settlement experience, training, and education.
(4) A life settlement provider shall provide to the commissioner, within 30 days after a change occurs, new or revised information concerning any of the following: (a) officers; (b) holders of more than 10% of its stock; (c) partners; (d) directors; (e) members; and (f) designated employees.
(a) officers;
(b) holders of more than 10% of its stock;
(c) partners;
(d) directors;
(e) members; and
(f) designated employees.
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