§ 10-7-707. Consent of Insured
A policy upon the life of an individual, other than a policy of noncontributory group life insurance, shall not be effected unless, at or before the time the policy is effectuated, the individual insured, having legal capacity to contract, applies for or consents in writing to the policy and its terms. Consent may be given […]
§ 10-7-708. Prohibited Practices
It is unlawful for any person to procure, or cause to be procured or effected, a policy in violation of section 10-7-703. Such conduct is an unfair or deceptive act or practice pursuant to section 10-3-1104. It is unlawful for any person to engage in stranger originated life insurance or otherwise wager on life. Such […]
§ 10-7-709. Actions to Recover Death Benefits
If the beneficiary, assignee, or other payee received the death benefits under a life insurance policy procured or effected in violation of this article, the personal representative of the insured’s estate or other lawfully acting agent may maintain an action to recover the death benefits from the person receiving them. Source: L. 2011: Entire part […]
§ 10-7-710. Legitimate Insurance Transactions
Except where a life insurance policy is procured or effected in violation of section 10-7-708, nothing in this article prevents: An owner of a policy, whether or not the owner of the policy is also the subject of the insurance, from entering into a viatical settlement contract; Any person from soliciting a person to enter […]
§ 10-7-801. Short Title
The short title of this part 8 is the “Unclaimed Life Insurance Benefits Act”. Source: L. 2019: Entire part added, (SB 19-088), ch. 110, p. 463, § 4, effective July 1, 2020.
§ 10-7-802. Definitions
As used in this part 8, unless the context otherwise requires: “Contract” means an annuity contract. The term does not include an annuity used to fund an employment-based retirement plan or program if: The insurer does not perform the record-keeping services; or The insurer is not committed by terms of the annuity contract to pay […]
§ 10-7-803. Insurers – Duty to Compare Names of Insureds With Death Master File and to Locate Beneficiaries
An insurer shall make a good faith effort to determine the death of an insured upon receipt of knowledge of death. An insurer shall perform a comparison of its insureds’ in-force policies, contracts, and retained asset accounts against a death master file, on at least a semiannual basis, by using the full death master file […]
§ 10-7-619. Viatical Settlements Cash Fund – Created
All direct and indirect expenditures of the commissioner and the division in administering this part 6 shall be paid from the viatical settlements cash fund, which fund is hereby created in the state treasury. All fees collected pursuant to this part 6 shall be transmitted to the state treasurer, who shall credit them to the […]
§ 10-7-620. Severability
If any provision of this part 6 is for any reason held to be unconstitutional or invalid, such holding shall not affect the constitutionality or validity of the remaining provisions of this part 6, and to this end the provisions of this part 6 are expressly declared to be severable. Source: L. 2005: Entire part […]
§ 10-7-701. Short Title
This part 7 shall be known and may be cited as the “Insurable Interest Act”. Source: L. 2011: Entire part added, (SB 11-182), ch. 227, p. 972, § 1, effective May 27.