31A-36-107. Examinations and retention of records.
(1) The commissioner may conduct an examination of a life settlement provider or life settlement producer in accordance with Sections,,, and. 31A-2-203 31A-2-203.5 31A-2-204 31A-2-205
(2) A life settlement provider or life settlement producer shall retain for five years copies of: the following records, whether proposed, offered, or executed, from the later of the date of the proposal, offer, or execution: contracts; purchase agreements; underwriting documents; policy forms; and applications; checks, drafts, and other evidence or documentation relating to the payment, transfer, or release of money, from the date of the transaction; and 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 Subsectionto the commissioner after the expiration of the relevant period if the person has retained the document. (2)
(4) A record required by this section to be retained: shall be legible and complete; and 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 Subsectiondoes not automatically preclude an examiner from being: (5) an owner; an insured in a settled policy; or a beneficiary in a policy that is proposed to be settled.
(6) An examinee under this section shall reimburse the cost of an examination to the department consistent with Section. 31A-2-205 Notwithstanding Subsection, an individual life settlement producer is not subject to Section. (6)(a) 31A-2-205