§ 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 […]
§ 56-50-106. Reporting Requirements and Privacy
Each viatical settlement provider shall file with the commissioner on or before March 1 of each year an annual statement containing such information as the commissioner may prescribe by regulation. In addition to any other requirements, the annual statement shall specify the total number, aggregate face amount and life settlement proceeds of policies settled during […]
§ 56-50-107. Examination or Investigations
Authority, Scope and Scheduling of Examinations. The commissioner may conduct an examination under this chapter of a licensee as often as the commissioner, in the commissioner’s discretion, deems appropriate after considering the factors set forth in subdivision (a)(1)(B). In scheduling and determining the nature, scope and frequency of the examinations, the commissioner shall consider such […]
§ 56-50-108. Disclosure to Viator
With each application for a viatical settlement, a viatical settlement provider or viatical settlement broker shall provide the viator with at least the following disclosures no later than the time the application for the viatical settlement contract is signed by all parties. The disclosures shall be provided in a separate document that is signed by […]
§ 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 […]