20-3201. Definitions In this chapter, unless the context otherwise requires: 1. " Advertising" means any written, electronic or printed communication or any communication by means of recorded telephone messages or transmitted by radio, television, the internet or similar communications media, including film strips, motion pictures and videos, that is published, disseminated, circulated or placed directly […]
20-3202. Licensure; requirements A. Except as otherwise provided in this section, a person shall not act as a provider or broker with any owner who is a resident of this state unless the person obtains a certificate of authority or license pursuant to this section. B. An applicant for a provider certificate of authority shall […]
20-3203. Contract requirements A. A person may not use any form of life settlement contract in this state unless it is filed with and, if required, approved by the director in a manner that conforms with the filing procedures and any time restrictions or deeming provisions for life insurance forms, policies or contracts. B. As […]
20-3204. Provider and broker disclosures to owners; violation; classification A. The provider or broker shall provide in writing the following information, in a separate document that is signed by the owner and provider, to the owner no later than the date of application for the life settlement contract: 1. That there are possible alternatives to […]
20-3205. Privacy Except as otherwise provided by law, a provider, broker, insurance company, insurance producer or any other person with actual knowledge of an insured’s identity shall not disclose the identity of an insured or any information that there is a reasonable basis to believe could be used to identify the insured or the insured’s […]
20-3206. Rule making; examinations A. The director may adopt rules reasonably necessary to regulate life settlements and transactions consistent with the provisions of this chapter. B. The director, whenever the director deems it reasonably necessary to protect the interests of the public, may examine the business and affairs of any licensee or applicant for a […]
20-3207. Conduct of examinations; examination reports; confidentiality A. The director may investigate suspected fraudulent life settlement acts and persons engaged in the business of life settlements. B. After determining that an examination should be conducted, the director shall issue an examination warrant appointing one or more examiners to perform the examination and instructing them as […]
20-3208. Conflict of interest; examiners A. The director may not appoint an examiner if the examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this chapter. This section does not automatically preclude an examiner from […]
20-3209. Immunity from liability A. The director, the director’s authorized representatives or any examiner appointed by the director is not liable for any statements made or conduct performed in good faith while carrying out the provisions of this chapter. B. A person who communicates or delivers information or data to the director, the director’s authorized […]
20-3210. Annual statements; record retention A. Each licensed provider shall file with the director on or before March 1 of each year an annual statement in a form prescribed by the director. The annual statement shall be verified by the oath of at least two of its principal officers, showing its condition at the end […]
20-3211. Contract requirements; execution; rescission; definition A. A provider entering into a life settlement contract with any owner of a policy in which the insured is terminally ill shall first obtain the following: 1. If the owner is the insured, a written statement from a licensed attending physician that the owner is of sound mind […]
20-3212. Scope of chapter This chapter does not: 1. Preempt the authority or relieve the duty of other law enforcement or regulatory agencies to investigate, examine and prosecute suspected violations of law. 2. Prevent or prohibit a person from disclosing voluntarily information concerning life settlement fraud to a law enforcement or regulatory agency other than […]
20-3213. Applicability A. A provider lawfully transacting business in this state before the effective date of this chapter may continue to transact business in this state, pending approval or disapproval of that person’s application for a license, if the provider files the application with the director not later than thirty days after publication by the […]
20-3214. Injunctions; civil remedies; cease and desist A. In addition to the penalties and other enforcement provisions of this chapter, if any person violates any provision of this chapter or any rule adopted pursuant to this chapter, the director may seek an injunction in a court of competent jurisdiction in the county where the person […]
20-3215. Penalties A. It is a violation of this chapter for any person, provider, broker or party related to the business of life settlements to commit a fraudulent life settlement act. B. A person who commits a fraudulent life settlement act is guilty of committing insurance fraud and is subject to section 20-466.01. C. The […]
