7813 – General Rules.
§ 7813. General rules. (a) A life settlement provider entering into a life settlement contract shall first obtain a written consent from the insured to the release of the insured’s medical records subject to the limitations contained in section seven thousand eight hundred ten of this article. (b) The insurer shall respond to a request […]
7814 – Prohibited Practices.
§ 7814. Prohibited practices. (a) No person shall: (1) enter into a life settlement contract if the person knows or reasonably should have known that the policy was obtained in a false, deceptive or misleading way; (2) engage in any transaction, practice or course of business if the person knows or reasonably should have known […]
7815 – Stranger-Originated Life Insurance.
§ 7815. Stranger-originated life insurance. (a) In this chapter, “stranger-originated life insurance” means any act, practice or arrangement, at or prior to policy issuance, to initiate or facilitate the issuance of a policy for the intended benefit of a person who, at the time of policy origination, has no insurable interest in the life of […]
7816 – Penalties and Civil Remedies.
§ 7816. Penalties and civil remedies. (a)(1) If, after notice and hearing, the superintendent determines that any information required by subsection (a) or (c) of section seven thousand eight hundred eleven of this article knowingly was not provided or knowingly was delayed in being provided by the life settlement broker to the material detriment of […]
7817 – Authority to Promulgate Regulations.
§ 7817. Authority to promulgate regulations. The superintendent may promulgate regulations implementing this article.
7818 – Nonconforming Contracts.
§ 7818. Nonconforming contracts. (a) Except as otherwise specifically provided in this chapter, any life settlement contract subject to this chapter that is in violation of any of the provisions of this chapter shall be valid and binding upon the life settlement provider, but in all respects in which the contract’s provisions are in violation […]
7819 – Applicability and Choice of Law.
§ 7819. Applicability and choice of law. (a) The provisions of this article shall apply to any life settlement contract made, proposed to be made, or solicited with a resident of this state or any owner physically in this state. (b)(1) If there is more than one owner on a single policy, and the owners […]
7820 – Severability.
§ 7820. Severability. If any clause, sentence, paragraph, section or part of this article shall be adjudged by any court of competent jurisdiction to be invalid and after exhaustion of all further judicial review, the judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, […]
7809 – Advertising.
§ 7809. Advertising. (a) A life settlement provider, life settlement intermediary or life settlement broker licensed pursuant to this article may conduct or participate in advertisements within this state. The advertisements shall comply with all advertising and marketing laws or rules and regulations as may be promulgated by the superintendent. (b) Advertisements shall be accurate, […]
7810 – Privacy.
§ 7810. Privacy. (a) Except as otherwise permitted or required by law, no life settlement provider, life settlement broker, or life settlement intermediary, or any authorized representative thereof, insurer, information bureau, rating agency or company, or any other person with actual knowledge of an insured or owner’s identity, shall disclose the identity of the insured […]