§ 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.”
§ 83-7-203. Definitions
The following words and phrases shall have the meanings ascribed herein unless the context clearly requires otherwise: “Person” means a legal entity including, but not limited to, an individual, partnership, limited liability company, association, trust, corporation or other legal entity. “Viatical settlement representative” means a person who is a licensed agent and acts or aids […]
§ 83-7-205. Viatical settlement providers, representatives and brokers to be licensed by Commissioner of Insurance; licensing requirements
A person shall not operate as a viatical settlement provider, viatical settlement representative or viatical settlement broker without first having obtained a license from the commissioner. Application for a viatical settlement representative or viatical settlement broker license shall be made to the commissioner by the applicant on a form prescribed by the commissioner, and these […]
§ 83-7-207. Suspension, revocation, and refusal to renew license; hearing
The commissioner may suspend, revoke or refuse to renew the license of a viatical settlement provider, viatical settlement representative or viatical settlement broker if the commissioner finds that: There was any material misrepresentation in the application for the license; The licensee or any officer, partner or key management personnel has been convicted of fraudulent or […]
§ 83-7-209. Settlement application, contract and disclosure statement forms to be filed with and approved by Commissioner of Insurance
A person shall not provide a viator a viatical settlement application, contract or disclosure statement form in this state unless it has been filed with and approved by the commissioner. The commissioner shall disapprove a viatical settlement application, contract or disclosure statement form if, in the commissioner’s opinion, the contract or provisions contained therein are […]
§ 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.
§ 83-7-223. Continuation of viatical settlement business pending approval or disapproval of license application filed on or before July 1, 2000
A viatical settlement provider, viatical settlement representative or viatical settlement broker transacting business in this state may continue to do so pending approval or disapproval of the provider’s, representative’s or broker’s application for a license if the application is filed with the commissioner by July 1, 2000.