(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.

(2) A life settlement provider or life settlement producer shall retain for five years copies of: (a) the following records, whether proposed, offered, or executed, from the later of the date of the proposal, offer, or execution: (i) contracts; (ii) purchase agreements; (iii) underwriting documents; (iv) policy forms; and (v) applications; (b) checks, drafts, and other evidence or documentation relating to the payment, transfer, or release of money, from the date of the transaction; and (c) records and documents related to the requirements of this chapter.

(a) the following records, whether proposed, offered, or executed, from the later of the date of the proposal, offer, or execution: (i) contracts; (ii) purchase agreements; (iii) underwriting documents; (iv) policy forms; and (v) applications;

(i) contracts;

(ii) purchase agreements;

(iii) underwriting documents;

(iv) policy forms; and

(v) applications;

(b) checks, drafts, and other evidence or documentation relating to the payment, transfer, or release of money, from the date of the transaction; and

(c) records and documents related to the requirements of this chapter.

(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.

(4) A record required by this section to be retained: (a) shall be legible and complete; and (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.

(a) shall be legible and complete; and

(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.

(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: (a) an owner; (b) an insured in a settled policy; or (c) a beneficiary in a policy that is proposed to be settled.

(a) an owner;

(b) an insured in a settled policy; or

(c) a beneficiary in a policy that is proposed to be settled.

(6) (a) An examinee under this section shall reimburse the cost of an examination to the department consistent with Section 31A-2-205. (b) Notwithstanding Subsection (6)(a), an individual life settlement producer is not subject to Section 31A-2-205.

(a) An examinee under this section shall reimburse the cost of an examination to the department consistent with Section 31A-2-205.

(b) Notwithstanding Subsection (6)(a), an individual life settlement producer is not subject to Section 31A-2-205.