Section 41-1957 – DISCLOSURE TO OWNER BY PROVIDER UPON SETTLEMENT CONTRACT.
41-1957. DISCLOSURE TO OWNER BY PROVIDER UPON SETTLEMENT CONTRACT. A life settlement provider shall provide the owner with at least the following disclosures prior to the time the owner signs the life settlement contract. The disclosures shall be conspicuously displayed in the life settlement contract or in a separate document signed by the owner and […]
Section 41-1958 – DISCLOSURE TO OWNER BY BROKER UPON SETTLEMENT CONTRACT.
41-1958. DISCLOSURE TO OWNER BY BROKER UPON SETTLEMENT CONTRACT. A life settlement broker shall provide the owner with at least the following disclosures prior to the time the owner signs the life settlement contract. The disclosures shall be conspicuously displayed in the life settlement contract or in a separate document signed by the owner and […]
Section 41-1959 – NOTICE OF CHANGE BY PROVIDER.
41-1959. NOTICE OF CHANGE BY PROVIDER. If the life settlement provider transfers ownership or changes the beneficiary of the insurance policy, the provider shall communicate in writing the change in ownership or beneficiary to the insured within twenty (20) days after the change. History: [41-1959, added 2009, ch. 69, sec. 1, p. 200.]
Section 41-1960 – GENERAL RULES.
41-1960. GENERAL RULES. (1) A life settlement provider entering into a life settlement contract shall first obtain: (a) If the owner is the insured, a written statement from a licensed attending physician that the owner is of sound mind and under no constraint or undue influence to enter into a life settlement contract; and (b) […]
Section 41-1961 – PERMITTED LIFE SETTLEMENTS AND SUPPORTING DOCUMENTATION.
41-1961. PERMITTED LIFE SETTLEMENTS AND SUPPORTING DOCUMENTATION. (1) It is a violation of the provisions of sections 41-1950 through 41-1965, Idaho Code, for any person to enter into a life settlement contract at any time prior to the issuance of a policy which is the subject of a life settlement contract or within a two […]
Section 41-1962 – PROHIBITED PRACTICES AND CONFLICTS OF INTEREST.
41-1962. PROHIBITED PRACTICES AND CONFLICTS OF INTEREST. (1) It is a violation of the provisions of sections 41-1950 through 41-1965, Idaho Code, for any person to engage in any act that constitutes or promotes a STOLI regarding any resident of this state. (2) With respect to any life settlement contract or insurance policy, no life […]
Section 41-1963 – ADVERTISING FOR LIFE SETTLEMENTS.
41-1963. ADVERTISING FOR LIFE SETTLEMENTS. No person required to be licensed pursuant to sections 41-1950 through 41-1965, Idaho Code, shall engage in any false or misleading advertising, solicitation, or practice. In no case shall a life settlement broker or provider directly or indirectly market, advertise, solicit or otherwise promote the purchase of a new policy […]
Section 41-1964 – PENALTY — UNFAIR TRADE PRACTICES.
41-1964. PENALTY — UNFAIR TRADE PRACTICES. A violation of the provisions of sections 41-1950 through 41-1965, Idaho Code, shall be considered an unfair trade practice under chapter 13, title 41, Idaho Code, subject to the penalties contained in that chapter. History: [41-1964, added 2009, ch. 69, sec. 1, p. 204.]
Section 41-1965 – AUTHORITY TO PROMULGATE RULES.
41-1965. AUTHORITY TO PROMULGATE RULES. The director shall have the authority to promulgate rules implementing the provisions of sections 41-1950 through 41-1964, Idaho Code. History: [41-1965, added 2009, ch. 69, sec. 1, p. 204.]
Section 41-1952 – LICENSE REQUIREMENT.
41-1952. LICENSE REQUIREMENT. (1) A person shall not act as a life settlement provider or life settlement broker where the owner of the life insurance policy is a resident of this state without first obtaining a license from the director as a life insurance producer under chapter 10, title 41, Idaho Code, and complying with […]