§ 3835. Definitions As used in this subchapter: (1) “Advertising” means any written, electronic, or printed communication or any communication by means of recorded telephone messages or that is transmitted on radio, television, the Internet, or similar communications media, including film strips, motion pictures, and videos, that are published, disseminated, circulated, or placed directly before […]
§ 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 (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 (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 (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 (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 […]
§ 3841. Disclosure to policy owner (a) With each application for a life settlement, a life settlement provider or a life settlement broker shall provide the policy owner with at least the following disclosures not less than 10 days prior to the time the application for the life settlement contract is signed by all parties. […]
