§ 23-81-902. Legislative intent
The General Assembly intends for this subchapter to: (1) Recognize the escheat or unclaimed property statutes under the Unclaimed Property Act, § 18-28-201 et seq.; and (2) Require the complete and proper disclosure, transparency, and accountability for any method of payment of death benefits under a life insurance policy that is subject to regulation by […]
§ 23-81-805. Contract requirements
(a) A person shall not use any form of life settlement contract in this state unless it has been filed with and approved, if required, by the Insurance Commissioner in a manner that conforms with the filing procedures and any time restrictions or deeming provisions, if any, for life insurance forms, policies, and contracts. (b) […]
§ 23-81-903. Definitions
As used in this subchapter: (1) (A) “Contract” means an annuity contract. (B) “Contract” does not include: (i) An annuity contract used to fund an employment-based retirement plan or program in which an insurer: (a) Does not perform recordkeeping services; or (b) Is not required to pay death benefits to the beneficiaries of a specific […]
§ 23-81-806. Reporting requirements and privacy
(a) (1) (A) For any policy settled within five (5) years of policy issuance, each provider shall file with the Insurance Commissioner on or before March 1 of each year an annual statement containing such information as the commissioner may prescribe by rule. (B) In addition to any other requirements, the annual statement shall specify […]
§ 23-81-904. Insurer conduct
(a) An insurer shall make a good faith effort to determine the death of an insured upon receipt of knowledge of death. (b) (1) An insurer shall compare an in-force policy, contract, and retained asset account against a death master file to identify a potential match to an insured covered under the policy, contract, and […]
§ 23-81-807. Examination
(a) (1) When the Insurance Commissioner deems it reasonably necessary to protect the interests of the public, the commissioner may examine the business and affairs of any licensee or applicant for a license. (2) The commissioner may order any licensee or applicant to produce any records, books, files, or other information reasonably necessary to ascertain […]
§ 23-81-905. Unfair trade practices
(a) If an insurer fails to comply with this subchapter so frequently as to be a general business practice, then it is a violation of this subchapter and may be subject to the Trade Practices Act, § 23-66-201 et seq. (b) A violation of this subchapter does not create a private right of action.
§ 23-81-808. Advertising
(a) (1) A broker or provider licensed pursuant to this subchapter may conduct or participate in advertisements within this state. (2) Advertisements shall comply with all advertising and marketing laws or rules promulgated by the Insurance Commissioner that are applicable to life insurers or to brokers and providers licensed pursuant to this subchapter. (b) Advertisements […]
§ 23-81-809. Disclosures to owners
(a) The provider or broker shall provide in writing in a separate document that is signed by the owner and provider or broker the following information to the owner no later than the date of the application for a life settlement contract: (1) The fact that possible alternatives to life settlement contracts exist, including without […]
§ 23-81-810. Disclosure to insurer
(a) Without limiting the ability of an insurer from assessing the insurability of a policy applicant and determining whether or not to issue the policy and in addition to other questions an insurance carrier may lawfully pose to a life insurance applicant, insurance carriers may inquire in the application for insurance whether the proposed owner […]