Effective: September 11, 2008 Latest Legislation: House Bill 404 – 127th General Assembly As used in this chapter: (A) “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, but not limited to, film strips, motion […]
Effective: December 10, 2008 Latest Legislation: House Bill 404 – 127th General Assembly (A) Notwithstanding division (C) of this section, no person shall operate in this state as a viatical settlement provider or viatical settlement broker without first having obtained a license from the superintendent of insurance and, if the owner of the policy to […]
Effective: September 11, 2008 Latest Legislation: House Bill 404 – 127th General Assembly (A) An applicant for a license as a viatical settlement provider or viatical settlement broker shall submit an application for the license in a manner prescribed by the superintendent of insurance. The application shall be accompanied by a fee established by the […]
Effective: September 11, 2008 Latest Legislation: House Bill 404 – 127th General Assembly Any corporation, partnership, or other business that is licensed as a viatical settlement broker shall maintain at least one designated individual who is individually licensed as a viatical settlement broker to be responsible for the licensee’s compliance with this chapter.
Effective: October 5, 2001 Latest Legislation: House Bill 551 – 123rd General Assembly Irrespective of the manner in which the viatical settlement broker is compensated, a viatical settlement broker is deemed to represent only the viator and owes a fiduciary duty to the viator to act according to the viator’s instructions and in the best […]
Effective: September 11, 2008 Latest Legislation: House Bill 404 – 127th General Assembly (A) A person shall not use a viatical settlement contract form or provide a disclosure statement form to a viator in this state unless the viatical settlement contract form or the disclosure statement form is filed with and approved by the superintendent […]
Effective: September 29, 2013 Latest Legislation: House Bill 59 – 130th General Assembly (A)(1) With each application for a viatical settlement, a viatical settlement provider or viatical settlement broker shall disclose at least the following to a viator no later than the time all parties sign the application for the viatical settlement contract: (a) That […]
Effective: September 11, 2008 Latest Legislation: House Bill 404 – 127th General Assembly (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 an attending physician that the viator is of sound mind and under no […]
Effective: October 5, 2001 Latest Legislation: House Bill 551 – 123rd General Assembly Each viatical settlement contract entered into in this state shall provide the viator with an unconditional right to rescind the contract for at least fifteen calendar days after the receipt of the viatical settlement proceeds. If the insured dies during the rescission […]
Effective: September 11, 2008 Latest Legislation: House Bill 404 – 127th General Assembly (A) The viatical settlement provider shall instruct the viator to send the executed documents required to effect the change in ownership, assignment, or change in beneficiary directly to the escrow agent. Within three business days after the date the escrow agent receives […]
Effective: September 11, 2008 Latest Legislation: House Bill 404 – 127th General Assembly After a viatical settlement has occurred, contact with the insured for the purpose of determining the health status of the insured shall be made only by the viatical settlement provider, or the authorized representative of the viatical settlement provider. The viatical settlement […]
Effective: September 11, 2008 Latest Legislation: House Bill 404 – 127th General Assembly (A)(1) A licensee under this chapter shall, for five years, retain copies of all of the following: (a) All proposed, offered, or executed contracts, purchase agreements, underwriting documents, policy forms, and applications from the date of the proposal, offer, or execution of […]
Effective: September 11, 2008 Latest Legislation: House Bill 404 – 127th General Assembly (A) Each licensee under this chapter shall file with the superintendent of insurance, on or before the first day of March of each year, an annual statement verified under oath by two officers in the form prescribed by the superintendent. The annual […]
Effective: September 11, 2008 Latest Legislation: House Bill 404 – 127th General Assembly Except as otherwise permitted or required by law, a viatical settlement provider, viatical settlement broker, insurance company, insurance agent, insurance broker, information bureau, rating agency or company, or any other person with actual knowledge of a viator or an insured’s identity, shall […]
Effective: September 11, 2008 Latest Legislation: House Bill 404 – 127th General Assembly (A)(1) The superintendent of insurance may conduct an examination under this chapter of a licensee as often as the superintendent in the superintendent’s sole discretion considers appropriate. The superintendent shall consider all of the following to determine the nature, scope, and frequency […]
Effective: October 9, 2021 Latest Legislation: House Bill 263 – 133rd General Assembly (A) The superintendent of insurance may, except as provided in division (B) of this section, refuse to issue or may suspend, revoke, or refuse to renew the license of a viatical settlement provider or viatical settlement broker, if the superintendent finds that […]
Effective: September 11, 2008 Latest Legislation: House Bill 404 – 127th General Assembly (A)(1) It is a violation of this chapter for any person to enter into a viatical settlement contract prior to the application for or issuance of a policy that is the subject of the viatical settlement contract. (2) It is a violation […]
Effective: September 11, 2008 Latest Legislation: House Bill 404 – 127th General Assembly (A) The general assembly hereby declares that 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, […]
Effective: January 1, 2021 Latest Legislation: House Bill 339 – 133rd General Assembly (A) No person shall commit a fraudulent viatical settlement act. (B) All of the following acts are fraudulent viatical settlement acts when committed by any person who, knowingly and with intent to defraud and for the purpose of depriving another of property […]
Effective: September 11, 2008 Latest Legislation: House Bill 404 – 127th General Assembly Any contract, agreement, arrangement, or transaction including, but not limited to, any financing agreement or arrangement identified in section 1321.72 of the Revised Code entered into for the furtherance or aid of a stranger-originated life insurance act, practice, arrangement, or agreement is […]
