§ 83-7-305. Definitions
As used in Sections 83-7-301 through 83-7-313: “Account owner” means the owner of a retained asset account who is a resident of this state. “Annuity” means an annuity contract issued in this state. The term “annuity” shall not include any annuity contract used to fund an employment-based retirement plan or program where the insurer takes […]
§ 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; […]
§ 83-7-111. Effective date of accelerated benefit
The accelerated benefit shall be effective on the effective date of the policy or rider.
§ 83-7-113. Waiver of premium
The accelerated benefit provision may or may not provide for the waiver of premium in the absence of a regular waiver of premium provision being in effect. At the time the benefit is claimed, the company shall explain any continuing premium requirement to keep the policy in force.
§ 83-7-115. Discrimination amongst insureds prohibited
Insurers shall not unfairly discriminate among insureds with differing qualifying events or among insureds with similar qualifying events. Insurers shall not apply further conditions on the payment of the accelerated benefits other than those conditions specified in the policy or rider.
§ 83-7-117. Disclosure to consumer of any separate identifiable premium for accelerated benefit; options; examples; pro rata reduction in cash value; non-interest bearing lien against death benefit of policy; accidental death benefit not affected by accelerated benefit
The company shall disclose to the consumer any separate identifiable premium for the accelerated benefit. Those companies indicating that this accelerated benefit is offered without additional premium shall furnish a written explanation to the State Insurance Department when filing the product. Two (2) options are available to finance the benefit: The insured may make an […]
§ 83-7-119. Filing valuation method and assumptions with Department of Insurance; content
At the time of filing of the policy form, the valuation method and assumptions need to be filed with the Department of Insurance. The assumptions should reflect the statutory mortality and interest rate assumptions for life insurance policies and appropriate assumptions for the other provisions incorporated in the policy form.
§ 83-7-201. Short title
Sections 83-7-201 through 83-7-223 shall be known and may be cited as the “Viatical Settlements Act.”