Section R590-222-7 - Payment Requirements(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;(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.Utah Admin. Code R590-222-7
Amended by Utah State Bulletin Number 2023-15, effective 7/25/2023