Section 27-72-1. – Title.

§ 27-72-1. Title. This chapter may be cited and shall be known as the “Life Settlements Act.” History of Section.P.L. 2009, ch. 195, § 1; P.L. 2009, ch. 262, § 1.

Section 27-72-10. – Disclosure to insurer.

§ 27-72-10. Disclosure to insurer. (a) Without limiting the ability of an insurer from assessing the insurability of a policy applicant and determining whether or not to issue the policy, and in addition to other questions an insurance carrier may lawfully pose to a life insurance applicant, insurance carriers may inquire in the application for […]

Section 27-72-11. – General rules.

§ 27-72-11. General rules. (a) A provider entering into a life settlement contract with any owner of a policy, wherein the insured is terminally or chronically ill, shall first obtain: (1) If the owner is the insured, a written statement from a licensed attending physician that the owner is of sound mind and under no […]

Section 27-72-12. – Authority to promulgate regulations — Conflict of laws.

§ 27-72-12. Authority to promulgate regulations — Conflict of laws. (a) The Commissioner may: (1) Promulgate regulations implementing this chapter and regulating the activities and relationships of providers, brokers, insurers and their agents, subject to statutory limitations on administrative rule making. (2) Provide by regulation that the commissioner is authorized and may in his or […]

Section 27-72-13. – Prohibited practices.

§ 27-72-13. Prohibited practices. (a) It is unlawful for any person to: (1) Enter into a life settlement contract if such person knows or reasonably should have known that the life insurance policy was obtained by means of a false, deceptive or misleading application for such policy; (2) Engage in any transaction, practice or course […]

Section 27-72-14. – Fraud prevention and control.

§ 27-72-14. Fraud prevention and control. (a) Fraudulent life settlement acts, interference and participation of convicted felons prohibited. (1) A person shall not commit a fraudulent life settlement act. (2) A person shall not knowingly and intentionally interfere with the enforcement of the provisions of this chapter or investigations of suspected or actual violations of […]

Section 27-72-15. – Injunctions — Civil remedies — Cease and desist.

§ 27-72-15. Injunctions — Civil remedies — Cease and desist. (a) 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 in this state and may apply for temporary […]

Section 27-72-16. – Penalties.

§ 27-72-16. Penalties. (a) It is a violation of this chapter for any person, provider, broker, or any other party related to the business of life settlements, to commit a fraudulent life settlement act. (b) For criminal liability purposes, a person that commits a fraudulent life settlement act is guilty of committing insurance fraud and […]

Section 27-72-17. – Unfair trade practices.

§ 27-72-17. Unfair trade practices. A violation of this chapter shall be considered an unfair trade practice pursuant to state law and subject to the penalties provided by state law. History of Section.P.L. 2009, ch. 195, § 1; P.L. 2009, ch. 262, § 1.

Section 27-72-18. – Effective date.

§ 27-72-18. Effective date. (a) A provider lawfully transacting business in this state prior to the effective date of this act may continue to do so pending approval or disapproval of that person’s application for a license as long as the application is filed with the commissioner not later than thirty (30) days after publication […]

Section 27-72-2. – Definitions.

§ 27-72-2. Definitions. As used in this chapter: (1) “Advertisement” 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 indirectly, […]

Section 27-72-3. – Licensing requirements.

§ 27-72-3. Licensing requirements. (a) No person, wherever located, shall act as a provider or broker with an owner or multiple owners who is a resident of this state, without first having obtained a license from the commissioner. If there is more than one owner on a single policy and the owners are residents of […]

Section 27-72-4. – License suspension, revocation or refusal to renew.

§ 27-72-4. License suspension, revocation or refusal to renew. (a) The commissioner may suspend, revoke or refuse to renew the license of any licensee if the commissioner finds that: (1) There was any material misrepresentation in the application for the license; (2) The licensee or any officer, partner, member or director has been guilty of […]

Section 27-72-5. – Contract requirements.

§ 27-72-5. Contract requirements. (a) No person may use any form of life settlement contract in this state unless it has been filed with and approved, if required, by the commissioner in a manner that conforms with the filing procedures and any time restrictions or deeming provisions, if any, for life insurance forms, policies and […]

Section 27-72-6. – Reporting requirements and privacy.

§ 27-72-6. Reporting requirements and privacy. (a) For any policy settled within five (5) years of policy issuance, each 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 regulation. In addition to any other requirements, the annual statement […]

Section 27-72-7. – Examination.

§ 27-72-7. Examination. (a) The commissioner may, when the commissioner deems it reasonably necessary to protect the interests of the public, examine the business and affairs of any licensee or applicant for a license. The commissioner may order any licensee or applicant to produce any records, books, files or other information reasonably necessary to ascertain […]

Section 27-72-8. – Advertising.

§ 27-72-8. Advertising. (a) A broker, or provider licensed pursuant to this chapter may conduct or participate in advertisements within this state. Such advertisements shall comply with all Rhode Island advertising and marketing laws or rules and regulations promulgated by the commissioner that are applicable to life insurers or to brokers, and providers licensed pursuant […]

Section 27-72-9. – Disclosures to owners.

§ 27-72-9. Disclosures to owners. (a) The provider or broker shall provide in writing, in a separate document that is signed by the owner, the following information to the owner no later than the date of application for a life settlement contract: (1) The fact that possible alternatives to life settlement contracts exist, including, but […]