§ 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 […]
§ 23-81-705. Effects of transfer of structured settlement payment rights
Following a transfer of structured settlement payment rights under this subchapter: (1) The structured settlement obligor and the annuity issuer shall be discharged and released from all liability for the transferred payments as to all parties except the transferee; (2) The transferee shall be liable to the structured settlement obligor and the annuity issuer: (A) […]
§ 23-81-706. Procedure for approval of transfers
(a) An application under this subchapter for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought: (1) In the county in which: (A) The payee resides; or (B) The structured settlement obligor or the annuity issuer maintains its principal place of business; or (2) In […]
§ 23-81-707. General provisions — Construction
(a) The provisions of this subchapter may not be waived by any payee. (b) (1) Any transfer agreement entered into on or after August 12, 2005, by a payee who resides in this state shall provide that disputes under the transfer agreement, including any claim that the payee has breached the agreement, shall be determined […]
§ 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 […]
§ 23-81-801. Short title
This subchapter shall be known and may be cited as the “Life Settlements Act”.
§ 23-81-311. Proration of values — Additional benefits
(a) For any contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross considerations with interest, the minimum nonforfeiture benefits, if any, for the life insurance portion shall […]
§ 23-81-802. Definitions
As used in this subchapter: (1) “Advertisement” means any written, electronic, or printed communication or any communication by means of recorded telephone messages or transmissions on radio, television, the Internet, or similar communications media, including film strips, motion pictures, and videos, published, disseminated, circulated, or placed before the public, directly or indirectly, to create an […]
§ 23-81-312. Operative date
(a) After June 17, 1981, any insurer may file with the Insurance Commissioner a written notice of its election to comply with the provisions of this subchapter after a specified date before January 1, 1983. (b) After the filing of the notice, then upon the specified date, which shall be the operative date of this […]
§ 23-81-803. Licensing requirements
(a) A person, wherever located, shall not act as a provider or broker with an owner or multiple owners who is a resident of this state without first having obtained a license from the Insurance Commissioner. (b) (1) Application for a provider or broker license shall be made to the commissioner by the applicant on […]