§ 20-3208 – Conflict of interest; examiners
20-3208. Conflict of interest; examiners A. The director may not appoint an examiner if the examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this chapter. This section does not automatically preclude an examiner from […]
§ 20-3209 – Immunity from liability
20-3209. Immunity from liability A. The director, the director’s authorized representatives or any examiner appointed by the director is not liable for any statements made or conduct performed in good faith while carrying out the provisions of this chapter. B. A person who communicates or delivers information or data to the director, the director’s authorized […]
§ 20-3210 – Annual statements; record retention
20-3210. Annual statements; record retention A. Each licensed provider shall file with the director on or before March 1 of each year an annual statement in a form prescribed by the director. The annual statement shall be verified by the oath of at least two of its principal officers, showing its condition at the end […]
§ 20-3211 – Contract requirements; execution; rescission; definition
20-3211. Contract requirements; execution; rescission; definition A. A provider entering into a life settlement contract with any owner of a policy in which the insured is terminally ill shall first obtain the following: 1. If the owner is the insured, a written statement from a licensed attending physician that the owner is of sound mind […]
§ 20-3212 – Scope of chapter
20-3212. Scope of chapter This chapter does not: 1. Preempt the authority or relieve the duty of other law enforcement or regulatory agencies to investigate, examine and prosecute suspected violations of law. 2. Prevent or prohibit a person from disclosing voluntarily information concerning life settlement fraud to a law enforcement or regulatory agency other than […]
§ 20-3213 – Applicability
20-3213. Applicability A. A provider lawfully transacting business in this state before the effective date of this chapter may continue to transact business in this state, pending approval or disapproval of that person’s application for a license, if the provider files the application with the director not later than thirty days after publication by the […]
§ 20-3214 – Injunctions; civil remedies; cease and desist
20-3214. Injunctions; civil remedies; cease and desist A. In addition to the penalties and other enforcement provisions of this chapter, if any person violates any provision of this chapter or any rule adopted pursuant to this chapter, the director may seek an injunction in a court of competent jurisdiction in the county where the person […]
§ 20-3215 – Penalties
20-3215. Penalties A. It is a violation of this chapter for any person, provider, broker or party related to the business of life settlements to commit a fraudulent life settlement act. B. A person who commits a fraudulent life settlement act is guilty of committing insurance fraud and is subject to section 20-466.01. C. The […]
§ 20-3201 – Definitions
20-3201. Definitions In this chapter, unless the context otherwise requires: 1. " Advertising" means any written, electronic or printed communication or any communication by means of recorded telephone messages or transmitted by radio, television, the internet or similar communications media, including film strips, motion pictures and videos, that is published, disseminated, circulated or placed directly […]
§ 20-3202 – Licensure; requirements
20-3202. Licensure; requirements A. Except as otherwise provided in this section, a person shall not act as a provider or broker with any owner who is a resident of this state unless the person obtains a certificate of authority or license pursuant to this section. B. An applicant for a provider certificate of authority shall […]