§ 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 […]
§ 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, […]
§ 23-81-704. Approval of transfers of structured settlement payment rights
No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been approved in advance in a final court order or order of […]