§ 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 (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 (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 (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 […]
§ 3846. Advertising for life settlements (a) No person engaged in the business of life settlements shall make, issue, circulate, or cause to be made, issued, or circulated, or placed before the public, in a newspaper, magazine, or other publication, in the form of a notice, circular, pamphlet, letter, or poster or over any radio […]
§ 3847. Fraud prevention and control (a)(1) A person shall not commit a fraudulent life settlement act. (2) A person shall not knowingly or with reason to know interfere with the enforcement of the provisions of this subchapter or investigations of suspected or actual violations of this subchapter. (3) It shall be a violation of […]
§ 3848. Civil remedies, penalties, and enforcement In addition to any other civil and administrative remedies, penalties, and enforcement authority provided for by law: (1) A violation of this subchapter or of a rule or order adopted or issued under this subchapter, including the commission of a fraudulent life settlement act, shall constitute an unfair […]
§ 3849. Adoption of rules The Commissioner may: (1) Adopt rules necessary to carry out the purposes of this subchapter. (2) Establish standards for evaluating reasonableness of payments under life settlement contracts for persons who are terminally or chronically ill. This authority includes the regulation of discount rates used to determine the amount paid in […]
§ 3855. Establishment of accounts (a) A domestic life insurer may establish one or more separate accounts and may allocate thereto amounts, including without limitation proceeds applied under optional modes of settlement or under dividend options, to provide for life insurance or annuities, and benefits incidental thereto, payable in fixed or variable amounts, or both, […]
§ 3856. Required contents of policy Any contract providing benefits payable in variable amounts delivered or issued for delivery in this State shall contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of such variable benefits. Any such contract under which the benefits […]
§ 3857. Licensing (a) No company shall deliver or issue for delivery within this State variable contracts unless it is licensed or organized to do a life insurance or annuity business in this State, and the Commissioner is satisfied that its condition or method of operation in connection with the issuance of such contracts will […]
§ 3858. Powers of Commissioner Notwithstanding any other provision of law, the Commissioner has sole authority to regulate the issuance and sale of variable contracts and to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of this subchapter. (Added 1971, No. 106, § 4, eff. April […]
§ 3859. Grace; reinstatement; nonforfeiture (a) Except for subdivisions 3731(2), (7), (8), and (9), sections 3760-3773, inclusive, section 3813 of this title in the case of a variable life insurance policy, and section 3750 of this title in the case of a variable annuity contract, and except as otherwise provided in this subchapter, all pertinent […]
