§ 56-50-115. Injunctions — Civil Remedies — Cease and Desist
In addition to the penalties and other enforcement provisions of this chapter, if any person violates this chapter or any regulation implementing this chapter, the commissioner may seek an injunction in a court of competent jurisdiction and may apply for temporary and permanent orders that the commissioner determines are necessary to restrain the person from […]
§ 56-50-116. Unfair Trade Practices
A violation of this chapter, including the commission of a fraudulent viatical settlement act, shall be considered an unfair trade practice under chapter 8 of this title, subject to the penalties contained in chapter 8 of this title.
§ 56-50-117. Authority to Promulgate Regulations
The commissioner shall have the authority to: Promulgate rules to effectuate the purposes of this chapter. The rules shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5; Establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill. This […]
§ 56-50-109. Disclosure to Insurer
Prior to the initiation of a plan, transaction or series of transactions, a viatical settlement broker or viatical settlement provider shall fully disclose to an insurer a plan, transaction or series of transactions to which the viatical settlement broker or viatical settlement provider is a party, to originate, renew, continue or finance a life insurance […]
§ 56-50-110. General Rules
A viatical settlement provider entering into a viatical settlement contract shall first obtain: If the viator is the insured, a written statement from a licensed attending physician that the viator is of sound mind and under no constraint or undue influence to enter into a viatical settlement contract; and A document in which the insured […]
§ 56-50-111. Prohibited Practices
It is a violation of this chapter for any person to enter into a viatical settlement contract at any time prior to the application or issuance of a policy that is the subject of viatical settlement contract or within a period of time established by rule, unless the viator certifies to the viatical settlement provider […]
§ 56-50-112. Prohibited Practices and Conflicts of Interest
With respect to any viatical settlement contract or insurance policy, no viatical settlement broker knowingly shall solicit an offer from, effectuate a viatical settlement with or make a sale to any viatical settlement provider, viatical settlement purchaser, viatical settlement investment agent, financing entity or related provider trust that is controlling, controlled by or under common […]
§ 56-50-113. Advertising for Viatical Settlements and Viatical Settlement Purchase Agreements
This section shall apply to any advertising of viatical settlement contracts, viatical settlement purchase agreements or related products or services intended for dissemination in this state, including Internet advertising viewed by persons located in this state. Where disclosure requirements are established pursuant to federal regulation, this section shall be interpreted so as to minimize or […]
§ 56-50-114. Fraud Prevention and Control
Fraudulent Viatical Settlement Acts, Interference and Participation of Convicted Felons Prohibited. A person shall not commit a fraudulent viatical settlement act. A person shall not knowingly or intentionally interfere with the enforcement of this chapter or investigations of suspected or actual violations of this chapter. A person in the business of viatical settlements shall not […]
§ 56-50-105. Approval of Viatical Settlement Contracts and Disclosure Statements
A person shall not use a viatical settlement contract form or provide to a viator a disclosure statement form in this state unless first filed with and approved by the commissioner. The commissioner shall disapprove a viatical settlement contract form or disclosure statement form if, in the commissioner’s opinion, the contract or provisions contained in […]