§ 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 […]
§ 23-81-811. General rules
(a) A provider entering into a life settlement contract with any owner of a policy when the insured is terminally or chronically ill shall first obtain: (1) If the owner is the insured, a written statement from a licensed attending physician that the owner is of sound mind and under no constraint or undue influence […]
§ 23-81-812. Authority to promulgate rules — Conflict of laws
(a) The Insurance Commissioner may promulgate rules implementing this subchapter regulating the activities and relationships of providers, brokers, insurers, and their agents, subject to statutory limitations on administrative rulemaking. (b) Conflict of Laws. (1) (A) If there is more than one (1) owner on a single policy and the owners are residents of different states, […]
§ 23-81-813. Prohibited practices
(a) It is unlawful for any person to: (1) Enter into a life settlement contract if the person knows or reasonably should have known that the life insurance policy was obtained by means of a false, deceptive, or misleading application for the policy; (2) Engage in any transaction, practice, or course of business if the […]
§ 23-81-814. Fraud prevention and control
(a) Fraudulent Life Settlement Act, Interference, and Participation of Convicted Felons Prohibited. (1) A person shall not commit a fraudulent life settlement act. (2) A person shall not knowingly and intentionally interfere with the enforcement of this subchapter or investigations of suspected or actual violations of this subchapter. (3) A person in the business of […]
§ 23-81-815. Injunctions — Civil remedies — Cease and desist
(a) In addition to the penalties and other enforcement provisions of this subchapter, if any person violates this subchapter or any rule implementing this subchapter, the Insurance Commissioner may seek an injunction in a court of competent jurisdiction in the county where the person resides or has a principal place of business and may apply […]
§ 23-81-816. Penalties
(a) It is a violation of this subchapter for any person, provider, broker, or any other party related to the business of life settlements to commit a fraudulent life settlement act. (b) For criminal liability purposes, a person that commits a fraudulent life settlement act is guilty of committing insurance fraud and shall be subject […]
§ 23-81-310. Inclusion of lapse-of-time considerations
Any paid-up annuity, cash surrender, or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of […]