§ 3842. Disclosure to insurer
§ 3842. Disclosure to insurer Thirty days prior to the execution of a life settlement contract or the execution or other affirmation of an agreement or arrangement to enter into a life settlement contract, a life settlement provider shall provide notice to the insurer that issued or has assumed the policy, provided the contract, agreement […]
§ 3843. General rules
§ 3843. General rules (a)(1) A life settlement provider entering into a life settlement contract shall first obtain: (A) if the policy owner is the insured, a written statement from a licensed attending physician that the policy owner is of sound mind and under no constraint or undue influence to enter into a life settlement […]
§ 3844. Prohibited practices
§ 3844. Prohibited practices (a) It is a violation of this subchapter for any person to: (1) Commit any fraudulent life settlement acts. (2) Enter into any practice, agreement, arrangement, or transaction which results in or is intended to result in the issuance of stranger-originated life insurance or STOLI. (3) Enter, within a five-year period […]
§ 3845. Prohibited practices and conflicts of interest
§ 3845. Prohibited practices and conflicts of interest (a) With respect to any life settlement contract or insurance policy, no life settlement broker shall solicit an offer from, effectuate a life settlement with, or make a sale to any life settlement provider, financing entity, or related provider trust that is controlling, controlled by, or under […]
§ 3836. License and bond requirements
§ 3836. License and bond requirements (a) Life settlement providers. (1) No person shall operate as a life settlement provider without first obtaining a license from the Commissioner. (2) Application for a life settlement provider license shall be made to the Commissioner by the applicant on a form prescribed by the Commissioner, and the application […]
§ 3837. License revocation and denial
§ 3837. License revocation and denial (a) Life settlement providers. The Commissioner may suspend or revoke and may refuse to issue or renew the license of a life settlement provider 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, […]
§ 3838. Approval of life settlement contracts, disclosure statements, and related forms
§ 3838. Approval of life settlement contracts, disclosure statements, and related forms (a) A person shall not use a life settlement contract form or related form or provide to a policy owner in this State any of the disclosure statement forms required by subsections 3841(a), (b), and (c) of this title unless such forms are […]
§ 3839. Reporting requirements and privacy
§ 3839. Reporting requirements and privacy (a) 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 or order. Information relating to life settlement transactions shall be limited to only those transactions where the policy […]
§ 3840. Investigations and examinations
§ 3840. Investigations and examinations (a) The Commissioner, in addition to all powers granted pursuant to chapter 1 of this title, may examine the business and affairs of any licensee or applicant for a license whenever he or she deems it to be prudent for the protection of policyholders or the public. The Commissioner shall […]
§ 3817. Misstatement of age
§ 3817. Misstatement of age The group life insurance policy shall contain a provision specifying an equitable adjustment of premiums or of benefits or of both to be made in the event the age of a person insured has been misstated, such provision to contain a clear statement of the method of adjustment to be […]