Fillable Financial Affairs Division Arizona Department of Insurance LIFE (Arizona)

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Financial Affairs Division Arizona Department of Insurance LIFE (Arizona)

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Form E-LSPF (v. 20180716) Page 1 of 5
Financial Affairs Division
Arizona Department of Insurance
100 North 15th Avenue, Suite 102
Phoenix, AZ 85007-2624
LIFE SETTLEMENT PROVIDER
ANTIFRAUD PLAN CHECKLIST
Name of Life Settlement Provider:
CONTACT PERSON Name Title E-mail Address Phone Number
INSTRUCTIONS: An applicant for a life settlement provider certificate of authority is required to provide an antifraud plan that meets the
requirements of Arizona Revised Statutes (ARS) § 20-3211 and that includes the information listed in ARS § 20-3202(E)(3). The applicant shall
submit its antifraud plan with a completed version of this Antifraud Plan Checklist, identifying places within the applicant’s antifraud plan where
each of the following requirements is addressed.
Enter the page number and paragraph number within your antifraud plan where each of the following begins.
Page
Number
Paragraph
Number
Plan
Part
Code*
ARS § 20-3202(E)(3) Requirement
A
Procedures for detecting and investigating possible fraudule
nt acts. ARS § 20-3202(E)(3)(a).
B
Procedures for resolving material inconsistenc
ies between medical records and insurance applications. ARS
§ 20-3202(E)(3)(a).
C
Procedures for reporting fraudulent insurance acts to the De
partment of Insurance. ARS § 20-3202(E)(3)(b).
D
The plan for antifraud education and
training of underwriters and other personnel. ARS § 20-3202(E)(3)(c).
E
Description of, or organizational cha
rt showing, the antifraud personnel responsible investigating and
reporting possible fraudulent insurance acts, and for investigating unresolved material inconsistencies
between medical records and insurance applications. ARS § 20-3202(E)(3)(d).
*You will refer to the “Plan Part Code” in the next section of this checklist.
LIFE SETTLEMENT PROVIDER - ANTIFRAUD PLAN CHECKLIST
Form E-LSPF (v. 20180720) Page 2 of 5
For each fraudulent settlement act, enter an “X” in the Plan Part Code column(s) that correspond to the parts of your antifraud plan (A,
B, C, D and/or E) that contain measures to minimize the potential for the act. In the “Locations” column, note the specific
page/paragraph numbers for the parts of your plan that are designed to minimize the act.
Plan Part Code
It is a fraudulent life settlement act for any person to do, allow or assist anyone
else in doing any of the following:
A B C D E
Locations where addressed in the
antifraud plan (pages and paragraphs)
1. Enter into a life settlement contract if a person knows or reasonably
should have known that the life in
surance policy was obtaine
d by means
of a false, d
eceptive or misleading application for the policy. ARS § 20-
3211(U)(1).
2. Engage in any transaction, practice or course of business if a person
knows or reasonably should have known that the intent was to avoid the
notice requirements of ARS § 20-3211. ARS § 20-3211(U)(2).
3. Engage in any fraudulent act or practice in connection with any
transaction r
elating to an
y settlement involving an owner who is a
resident of this state. ARS § 20-3211(U)(3).
4. Fail to provide the disclosures or file the required reports with the director
as required
by Arizona Revised Statutes, Title 20, Chapter 22. ARS § 20-
3211(U)(4).
5. Issue, solicit or market the purchase of a new life insurance policy for the
sole purpose of, or with a primary e
mphasis on, settling the
policy. ARS
§ 20-3211(U)(5).
6. With respect to any settlement contract or insurance policy and a broker,
knowingly solicit an offer from, effectuate a life settlement contract with or
make a sale to any provider, financin
g entity or related provider trust that
is controlling
, controlled by or under common control with a broker, unle
ss
the relationship has bee
n fully disclosed to the owner. ARS § 20-
3211(U)(6).
7. With respect to any life settlement contract or insurance policy and a
provider, knowingly enter into a life
settlement contract with a
n owner if,
in connect
ion with a life settlement contract, anything of value will be pai
d
to a broker t
hat is controlling, controlled by or under common
control with
a provider or the financing entity or related provider trust that is involved
in a settlem
ent contract, unless the relationship
has been fully disclosed
to the owner. ARS § 20-3211(U)(7).
LIFE SETTLEMENT PROVIDER - ANTIFRAUD PLAN CHECKLIST
Form E-LSPF (v. 20180720) Page 3 of 5
Plan Part Code
It is a fraudulent life settlement act for any person to do, allow or assist anyone
else in doing any of the following:
A B C D E
Locations where addressed in the
antifraud plan (pages and paragraphs)
8. With respect to a provider, enter into a life settlement contract unless the
life settlement promotional, advertising and marketing materials, have
been filed with the Director. ARS § 20-3211(U)(8).
9. With respect to any life insurance producer, insurance company, broker
or provider, make any statement or representation to the applicant or
policyholder in connection with the sale or financing of a life insurance
policy to the
effect that the insurance is free or without cost
to the
policyholder
for any period of time unless provid
ed in the policy. ARS §
20-3211(U)(9).
10. Present, cause to be presented or prepare with knowledge and belief that
it will be pre
sented to or by a provider, premium finance lende
r, broker,
insurer, insurance producer or any other person, false material
information, or concealing material information as part of, in support of or
concerning
a fact material to one or more of the following: ARS § 20-
3211(X
)(1)(a)
i)
An application for the issuance of a life settlement contract or
insurance p
olicy.
ii)
The underwriting of a life settlement contract or insurance po
licy.
iii)
A claim for payment or benefit pursuant to a life
settlement contract or
insurance policy.
iv)
Premiums paid on an in
surance policy.
v)
Payments and changes in ownership or beneficiary made ac
cording
to the terms of a life set
tlement contract or insura
nce policy.
vi)
The reinstat
ement or conversion of an insurance policy.
vii)
The solicitation, offer to enter into or effectuation of a life sett
lement
contract or insurance policy.
viii)
The issuance of written evidence of life settlement contracts
or
insurance a
nd any application for or
the existence of or any payments
related to a loan secured
directly or
indirectly by any interest in a life
insurance policy.
LIFE SETTLEMENT PROVIDER - ANTIFRAUD PLAN CHECKLIST
Form E-LSPF (v. 20180720) Page 4 of 5
Plan Part Code
It is a fraudulent life settlement act for any person to do, allow or assist anyone
else in doing any of the following:
A B C D E
Locations where addressed in the
antifraud plan (pages and paragraphs)
11. Employ any device, scheme or artifice to defraud in the business of life
settlements. ARS § 20-3211(X)(1)(b).
12. Enter into any intentional practice or plan than involves stranger
originated life insurance as prescribed in ARS § 20-443.02. ARS § 20-
3211(X)(1)(c).
13. Employ any device, scheme or artifice in violation of ARS § 20-1104.
ARS § 20-3211(X)(1)(d).
14. If providing premium financing, receive any proceeds, fees or other
consideration from the policy or owner of the policy that are in addition to
the amounts required to pay principal, interest and any costs or expenses
incurred by the lender or borrower in connection with the premium finance
agreement, except for a default, unless the default on such a loan or
transfer of the policy occurs pursuant to an agreement or understanding
with any other person for the purpose of evading regulation under Arizona
Revised Statutes, Title 20, Chapter 22. ARS § 20-3211(X)(1)(e).
15. Remove, conceal, alter, destroy or sequester from the director the assets
or records of a licensee or other person engaged in the business of life
settlements. ARS § 20-3211(X)(2)(a).
16. Misrepresent or conceal the financial condition of a licensee, financing
entity, insurer or other person. ARS § 20-3211(X)(2)(b).
17. Transact the business of life settlements in violation of any law requiring a
license, certificate of authority or other legal authority for the transaction
of the business of life settlements. ARS § 20-3211(X)(2)(c).
18 File with the director of insurance or the chief insurance regulatory official
of another jurisdiction a document containing false information or
otherwise conceal information about a material fact from the director of
insurance. ARS § 20-3211(X)(2)(d).
19. Engage in embezzlement, theft, misappropriation or conversion of
moneys, funds, premiums, credits or other property of a provider, insurer,
insured, owner, insurance policy owner or any other person engaged in
the business of life settlements or insurance. ARS § 20-3211(X)(2)(e).
LIFE SETTLEMENT PROVIDER - ANTIFRAUD PLAN CHECKLIST
Form E-LSPF (v. 20180720) Page 5 of 5
Plan Part Code
It is a fraudulent life settlement act for any person to do, allow or assist anyone
else in doing any of the following:
A B C D E
Locations where addressed in the
antifraud plan (pages and paragraphs)
20. Enter into, broker or otherwise deal in a life settlement contract that was
obtained by presenting f
alse information concerni
ng any fact material to
the policy or by concealing, for the purpose of misleading another,
information requested co
ncerning an
y fact material to the policy where
the owner or the owner's agent inten
ded to defra
ud the policy's issuer.
ARS § 20-3
211(X)(2)(f).
21. Attempt to commit, assist, aid or abet in the commission of, or conspiracy
to commit the acts or omission
s defined as a fraudulent life
settlements
act. ARS § 20-3211(X
)
(2)(g).
22. Misrepresent the state of residence of an owner to be a state or
jurisdiction t
hat does not have a law substantia
lly similar to Arizona
Revised Statutes, Title 20, Chapter 22 for the purpose of evading or
avoiding the provisions
of the chapter. ARS § 20-3211(X)
(2)(h).
Submit
your antifraud plan and this checklist with your certificate of authority application and within 30 days of a material change to
this plan.
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Financial Affairs Division Arizona Department of Insurance LIFE (Arizona)

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Completed 12 August 2020

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