§ 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 […]
§ 23-81-805. 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) […]
§ 23-81-806. 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 […]
§ 23-81-807. 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 […]
§ 23-81-808. 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, […]