§ 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 […]
§ 23-81-805. 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) […]
§ 23-81-801. Short title
This subchapter shall be known and may be cited as the “Life Settlements Act”.
§ 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 […]
§ 23-81-803. 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 […]
§ 23-81-804. License suspension, revocation, or refusal to renew
(a) The Insurance Commissioner may suspend, revoke, or refuse to renew the license of any licensee if the commissioner finds that: (1) There was any material misrepresentation in the application for the license; (2) The licensee or any officer, partner, member, or director has been guilty of fraudulent or dishonest practices, is subject to a […]