Section 408-D:11 – General Rules.
408-D:11 General Rules. – I. (a) A life settlement provider entering into a life settlement contract shall first obtain: (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 life settlement […]
Section 408-D:1 – Short Title.
408-D:1 Short Title. – This chapter may be cited as the life settlements act. Source. 2010, 132:1, eff. June 14, 2010.
Section 408-D:2 – Definitions.
408-D:2 Definitions. – In this chapter: I. " 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 before the public, directly or […]
Section 408-D:3 – License and Appointment Requirements.
408-D:3 License and Appointment Requirements. – I. (a) A person shall not operate as a life settlement provider or life settlement producer without first obtaining a license from the commissioner of the state of residence of the viator. If there is no license requirement in the state of residence of the viator, then a […]
Section 408-D:4 – License Revocation and Denial.
408-D:4 License Revocation and Denial. – I. The commissioner may refuse to issue, suspend, revoke, or refuse to renew the license of a life settlement provider, or a life settlement producer, or a life insurance producer operating as a life settlement producer if the commissioner finds that: (a) There was any material misrepresentation in […]
Section 408-D:5 – Approval of Life Settlement Contracts and Life Settlement Provider Disclosure Statements.
408-D:5 Approval of Life Settlement Contracts and Life Settlement Provider Disclosure Statements. – I. A person shall not use a life settlement contract form or provide to a viator a disclosure statement form in this state unless first filed with and approved by the commissioner. II. The commissioner shall disapprove a life settlement contract […]
Section 408-D:6 – Reporting Requirements and Privacy.
408-D:6 Reporting Requirements and Privacy. – I. Each life 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 rule. Individual transaction data regarding the business of life settlements or data that could compromise the privacy of […]
Section 408-D:7 – Examination or Investigations.
408-D:7 Examination or Investigations. – I. 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 his or her discretion deems appropriate. (2) In scheduling and determining the nature, scope, and frequency of the examinations, the commissioner may consider […]
Section 408-D:8 – Life Insurer Disclosure to Viator.
408-D:8 Life Insurer Disclosure to Viator. – I. Life insurers shall provide individual life insurance policyholders with a written notice that any of the acts described in paragraph III can have significant future financial, tax, or other implications and the consumer should consult with a licensed financial advisor, attorney, or other professional who can […]