§ 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 […]
§ 23-81-817. Unfair trade practices
A violation of §§ 23-81-801 — 23-81-816 shall be considered an unfair trade practice pursuant to § 23-66-206 and shall be subject to the provisions related to hearings and penalties for violations of §§ 23-66-207 — 23-66-212 of the Trade Practices Act, § 23-66-201 et seq.
§ 23-81-818. Effective date
(a) (1) A provider lawfully transacting business in this state before July 31, 2009, may continue to do so pending approval or disapproval of that person’s application for a license if the application is filed with the Insurance Commissioner not later than thirty (30) days after publication by the commissioner of an application form and […]
§ 23-81-901. Title
This subchapter shall be known and may be cited as the “Unclaimed Life Insurance Benefits Act”.
§ 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 […]
§ 23-81-402. Provisions for allocation of income
A domestic life insurance company may establish one (1) or more separate accounts and may allocate thereto amounts including, without limitation, proceeds applied under optional modes of settlement or under dividend options to provide for life insurance or annuities, and benefits incidental thereto, payable in fixed or variable amounts, or subject to a market value […]