Section 508E.1 – Short title.
508E.1 Short title. This Act may be cited as the “Viatical Settlements Act”. 2008 Acts, ch 1155, §1, 21
Section 508E.10 – General rules.
508E.10 General rules. 1. a. A viatical settlement provider entering into a viatical settlement contract shall first obtain all of the following: (1) 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 […]
Section 508E.11 – Prohibited practices.
508E.11 Prohibited practices. 1. Except as provided in section 508E.12, 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 which is the subject of a viatical settlement contract or within a five-year period commencing with […]
Section 508E.12 – Permitted practices.
508E.12 Permitted practices. 1. Notwithstanding section 508E.11, at any time subsequent to the issuance of the policy, a person may enter into a viatical settlement contract if the viator certifies to the viatical settlement provider that one or more of the following conditions have been met within the five-year period: a. The policy was issued […]
Section 508E.13 – Prohibited practices and conflicts of interest.
508E.13 Prohibited practices and conflicts of interest. 1. With respect to any viatical settlement contract or insurance policy, a viatical settlement broker shall not knowingly solicit an offer from, effectuate a viatical settlement with, or make a sale to any viatical settlement provider, viatical settlement purchaser, financing entity, or related provider trust that is controlling, […]
Section 508E.14 – Advertising for viatical settlements.
508E.14 Advertising for viatical settlements. The purpose of this section is to provide prospective viators with clear and unambiguous statements in the advertisement of viatical settlements and to assure the clear, truthful, and adequate disclosure of the benefits, risks, limitations, and exclusions of any viatical settlement contract. This purpose is intended to be accomplished by […]
Section 508E.15 – Fraud prevention and control.
508E.15 Fraud prevention and control. 1. Fraudulent viatical settlement acts — interference, and participation of convicted felons prohibited. a. A person shall not commit a fraudulent viatical settlement act. b. A person shall not knowingly or intentionally interfere with the enforcement of the provisions of this chapter or investigations of suspected or actual violations of […]
Section 508E.16 – Injunctions — civil remedies — cease and desist orders — civil penalty.
508E.16 Injunctions — civil remedies — cease and desist orders — civil penalty. 1. In addition to the penalties and other enforcement provisions of this chapter, if any person violates this chapter or any rule implementing this chapter, the commissioner may seek an injunction in a court of competent jurisdiction and may apply for a […]
Section 508E.17 – Unfair trade practices.
508E.17 Unfair trade practices. A violation of this chapter, including the commission of a fraudulent viatical settlement act, is an unfair trade practice under chapter 507B and a person convicted of the violation is subject to the penalties contained in that chapter. 2008 Acts, ch 1155, §17 Referred to in §508E.10
Section 508E.18 – Criminal penalties.
508E.18 Criminal penalties. 1. a. A person acting in this state as a viatical settlement provider or viatical settlement broker, without being licensed pursuant to section 508E.3, who willfully violates any provision of this chapter or any rule adopted or order issued under this chapter, is guilty of a class “D” felony. b. A person […]
Section 508E.19 – Authority to promulgate rules.
508E.19 Authority to promulgate rules. The commissioner shall have the authority to do all of the following: 1. Adopt rules implementing and administering this chapter. 2. Establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill. This authority includes but is not limited to regulation of […]
Section 508E.1A – Authority of the commissioner.
508E.1A Authority of the commissioner. The commissioner shall regulate, but not prohibit, the sale of viatical settlements as provided in this chapter. 2000 Acts, ch 1147, §35 C2001, §508E.1 2008 Acts, ch 1155, §21 C2009, §508E.1A
Section 508E.2 – Definitions.
508E.2 Definitions. As used 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 on radio, television, the internet, or similar communications media, including film strips, motion pictures, and videos, published, disseminated, circulated, or placed directly before […]
Section 508E.20 – Public records.
508E.20 Public records. All information filed with the commissioner pursuant to the requirements of this chapter and its implementing rules shall constitute a public record that is open for public inspection except as otherwise provided in this chapter. 2008 Acts, ch 1123, §18; 2008 Acts, ch 1191, §135
Section 508E.3 – License requirements.
508E.3 License requirements. 1. a. A person shall 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. An insurer that issued a policy being viaticated shall not be responsible for any act or omission of a […]
Section 508E.3A – Immunity from liability.
508E.3A Immunity from liability. Repealed by 2008 Acts, ch 1155, §22 . See §508E.15.
Section 508E.4 – License revocation and denial.
508E.4 License revocation and denial. 1. 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 that any of the following applies: a. There was any material misrepresentation in the application for the license. b. The licensee or […]
Section 508E.5 – Approval of viatical settlement contracts and disclosure statements.
508E.5 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 […]
Section 508E.6 – Reporting requirements and privacy.
508E.6 Reporting requirements and privacy. 1. For any policy settled within five years of policy issuance, 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 adopt by rule. In addition to any other requirements, the annual statement […]
Section 508E.7 – Examination or investigations.
508E.7 Examination or investigations. 1. Authority, scope, and scheduling of examinations. a. (1) 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 this paragraph “a”. (2) In scheduling and determining the nature, scope, and […]