§ 83-7-311. Limitation on promulgation of rules or regulations that impose additional duties on insurers beyond those set out in Sections 83-7-301 through 83-7-313
Neither the Commissioner of Insurance nor the State Treasurer shall promulgate rules, regulations or issue bulletins that impose, or interpret Sections 83-7-301 through 83-7-313 to impose, additional duties and obligations on insurers beyond those set forth in Sections 83-7-301 through 83-7-313, or otherwise attempt to expand the requirements of Sections 83-7-301 through 83-7-313.
§ 83-7-313. Effect of certain agreements between insurers and Commissioner of Insurance or State Treasurer
In the event that any resolution agreement, regulatory settlement agreement, or a voluntary disclosure agreement between an insurer who has used the death master file to terminate annuity payments but not to locate life beneficiaries and the Commissioner of Insurance or the State Treasurer conflicts with Sections 83-7-301 through 83-7-313, the terms of the agreement […]
§ 83-7-307. Insurer conduct
An insurer shall perform a comparison of its in-force policies, annuities and retained asset accounts issued in this state against a death master file, on at least a semiannual basis, to identify potential death master file matches. An insurer may comply with the requirements of this section by using the full death master file once […]
§ 83-7-309. Insurer unclaimed property reporting
In the event that an insurer: (a) has identified a person as deceased through a death master file match through a search described in Section 83-7-307(1) or other information source, (b) has validated such information through a secondary information source, and (c) is unable to locate a beneficiary under the policy, annuity or retained asset […]
§ 83-7-211. Annual statement to be filed with Commissioner; identity of viator not to be disclosed except under certain conditions
Each viatical settlement provider issued a license under Sections 83-7-201 through 83-7-223 shall file with the commissioner on or before March 1 of each year an annual statement containing such information as the commissioner by rule may prescribe. Except as otherwise allowed or required by law, a viatical settlement provider, viatical settlement representative, viatical settlement […]
§ 83-7-213. Examination of records, books, files and other information; provider to maintain records of each settlement until 5 years after death of insured
The commissioner, when the commissioner deems it reasonably necessary to protect the interests of the public, may examine the business and affairs of any licensee or applicant for a license. The commissioner may order any licensee or applicant to produce any records, books, files or other information reasonably necessary to ascertain whether or not the […]
§ 83-7-215. Disclosure requirements
A viatical settlement provider, viatical settlement representative or viatical settlement broker shall disclose the following information to the viator no later than the time of application: That possible alternatives exist to viatical settlement contracts for individuals with catastrophic, life threatening or chronic illnesses including any accelerated death benefits offered under the viator’s life insurance policy; […]
§ 83-7-217. Informed consent; confidentiality of medical information; 15-day right to rescind; death of insured within 15-day period deemed rescission; transfer of proceeds of viatical settlement; post-settlement contacts with insured for purpose of determining health status
Before the viatical settlement provider enters into a viatical settlement contract, the provider shall obtain: If the viator is the insured, a written statement from a licensed attending physician that the viator is of sound mind; A witnessed document in which the viator consents to the viatical settlement contract, represents that the viator has a […]
§ 83-7-219. Authority of Commissioner to adopt rules and regulations
The commissioner may: Promulgate rules and regulations implementing Sections 83-7-201 through 83-7-223; Establish standards for evaluating reasonableness of payments under viatical settlement contracts. This authority includes, but is not limited to, regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise or bequest of a benefit under a […]
§ 83-7-221. Violations of provisions considered unfair trade practice
A violation of Sections 83-7-201 through 83-7-223 shall be considered an unfair trade practice under Section 83-5-29 et seq. and the violator is subject to the penalties therein.