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; (b) certified check; or (c) cashier's check. (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.