§ 7519. Severability.
§ 7519. Severability. If any portion of this Act or any amendments thereto, or its applicability to any person or circumstance is held invalid by a court, the remainder of this Act or its applicability to other persons or circumstances are not affected. 81 Del. Laws, c. 172, § 1;
§ 7520. Effective date.
§ 7520. Effective date. A viatical settlement provider or viatical settlement broker transacting business in this State may continue to do so pending approval or disapproval of the provider or broker’s application for a license as long as the application is filed with the Commissioner by January 1, 2018. 81 Del. Laws, c. 172, § […]
§ 7506. Reporting requirements and privacy.
§ 7506. Reporting requirements and privacy. (a) 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. Such information is limited to only those transactions where the viator is a resident of this State. Individual […]
§ 7507. Examination or investigations.
§ 7507. Examination or investigations. (a) Authority, scope and scheduling of examinations. — (1) The Commissioner may conduct an examination under this Act of a licensee as often as the Commissioner, in the Commissioner’s discretion, deems appropriate after considering the factors set forth in this subsection. (2) In scheduling and determining the nature, scope, and […]
§ 7508. Disclosure to viator.
§ 7508. Disclosure to viator. (a) 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 must be provided in a […]
§ 7501. Short title.
§ 7501. Short title. This chapter may be cited as the “Delaware Viatical Settlements Act.” 72 Del. Laws, c. 132, § 1; 81 Del. Laws, c. 172, § 1;
§ 7502. Definitions.
§ 7502. Definitions. As used in this chapter: (1) “Advertising” means any written, electronic or printed communication, or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet, or similar communications media, including film strips, motion pictures, and videos, which are published, disseminated, circulated, or placed directly before the public […]
§ 7503. License and bond requirements.
§ 7503. License and bond requirements. (a) A person may not operate as a viatical settlement provider or viatical settlement broker without first obtaining a license from the Commissioner of the state of residence of the viator. (b) A life insurance producer who has been duly licensed as a resident insurance producer with a life […]
§ 7504. License revocation and denial.
§ 7504. License revocation and denial. (a) The Commissioner may refuse to issue, suspend, revoke or refuse to renew the license of a viatical settlement provider or viatical settlement broker if the Commissioner finds any of the following: (1) There was a material misrepresentation in the application for the license. (2) The licensee or any […]
§ 7505. Approval of viatical settlements contracts and disclosure statements.
§ 7505. Approval of viatical settlements contracts and disclosure statements. A person may not use a viatical settlement contract form or provide to a viator a disclosure statement form in this State unless it is first filed with and approved by the Commissioner. The Commissioner shall disapprove a viatical settlement contract form or disclosure statement […]