20-3210. Annual statements; record retention
A. Each licensed provider shall file with the director on or before March 1 of each year an annual statement in a form prescribed by the director. The annual statement shall be verified by the oath of at least two of its principal officers, showing its condition at the end of the preceding calendar year. In addition to any other requirements, the annual statement shall include the total number, aggregate face amount and life settlement proceeds of policies settled during the immediately preceding calendar year, together with a breakdown of the information by policy issue year. The annual statement shall not include individual transaction data regarding the business of life settlements or information that there is a reasonable basis to believe could be used to identify the owner or the insured.
B. The provider shall maintain records of all consummated transactions and life settlement contracts for three years after the death of the insured. The director may inspect these records during reasonable business hours.
Section: Previous 20-3203 20-3204 20-3205 20-3206 20-3207 20-3208 20-3209 20-3210 20-3211 20-3212 20-3213 20-3214 20-3215 20-3251 20-3301 NextLast modified: October 13, 2016