Section 408-D:1 – Short Title.
408-D:1 Short Title. – This chapter may be cited as the life settlements act. Source. 2010, 132:1, eff. June 14, 2010.
Section 408-D:10 – Life Settlement Provider and Life Settlement Producer Disclosure to Insurer.
408-D:10 Life Settlement Provider and Life Settlement Producer Disclosure to Insurer. – Prior to the initiation of a plan, transaction, or series of transactions, a life settlement producer or life settlement provider shall fully disclose to an insurer a plan, transaction, or series of transactions, to which the life settlement producer or life settlement […]
Section 408-D:11 – General Rules.
408-D:11 General Rules. – I. (a) A life settlement provider entering into a life settlement contract shall first obtain: (1) If the viator is the insured, a written statement from a licensed attending physician that the viator is of sound mind and under no constraint or undue influence to enter into a life settlement […]
Section 408-D:12 – Prohibited Practices.
408-D:12 Prohibited Practices. – I. It is a violation of this chapter for any person to solicit or promote STOLI or to knowingly participate in any transaction, practice, or course of business involving the sale or settlement of STOLI. II. It is a violation of this chapter for any person to enter into a […]
Section 408-D:13 – Advertising for Life Settlements.
408-D:13 Advertising for Life Settlements. – The purpose of this section is to provide prospective viators with clear and unambiguous statements in the advertisement of life settlements and to assure the clear, truthful, and adequate disclosure of the benefits, risks, limitations, and exclusions of any life settlement contract. This purpose is intended to be […]
Section 408-D:14 – Fraud Prevention and Control.
408-D:14 Fraud Prevention and Control. – I. Fraudulent life settlement acts, interference, and participation of convicted felons prohibited. (a) A person shall not commit a fraudulent life settlement act. (b) A person shall not knowingly or intentionally interfere with the enforcement of the provisions of this chapter or investigations of suspected or actual violations […]
Section 408-D:15 – Injunctions; Civil Remedies; Cease and Desist.
408-D:15 Injunctions; Civil Remedies; Cease and Desist. – I. 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 and may apply for temporary and permanent orders that […]
Section 408-D:16 – Unfair Trade Practices.
408-D:16 Unfair Trade Practices. – A violation of this chapter, including the commission of a fraudulent life settlement act, shall be considered an unfair trade practice under RSA 417. Source. 2010, 132:1, eff. June 14, 2010.
Section 408-D:17 – Rulemaking.
408-D:17 Rulemaking. – The commissioner shall have the authority to: I. Adopt rules pursuant to RSA 541-A, implementing this chapter; II. Establish standards for evaluating reasonableness of payments under life settlement contracts for persons who are terminally or chronically ill. This authority includes, but is not limited to, regulation of discount rates used to […]
Section 408-D:18 – Severability.
408-D:18 Severability. – If any provision of this act or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of the act which can be given effect without the invalid provision or application, and to this end the provisions of this act are […]
Section 408-D:19 – Applicability.
408-D:19 Applicability. – A life settlement provider or life settlement producer transacting business in this state may continue to do so pending approval or disapproval of the life settlement provider, or life settlement producer application for licensure if the application is filed with the commissioner within one month of the effective date of this […]
Section 408-D:2 – Definitions.
408-D:2 Definitions. – In this chapter: I. " Advertising " 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 […]
Section 408-D:3 – License and Appointment Requirements.
408-D:3 License and Appointment Requirements. – I. (a) A person shall not operate as a life settlement provider or life settlement producer without first obtaining a license from the commissioner of the state of residence of the viator. If there is no license requirement in the state of residence of the viator, then a […]
Section 408-D:4 – License Revocation and Denial.
408-D:4 License Revocation and Denial. – I. The commissioner may refuse to issue, suspend, revoke, or refuse to renew the license of a life settlement provider, or a life settlement producer, or a life insurance producer operating as a life settlement producer if the commissioner finds that: (a) There was any material misrepresentation in […]
Section 408-D:5 – Approval of Life Settlement Contracts and Life Settlement Provider Disclosure Statements.
408-D:5 Approval of Life Settlement Contracts and Life Settlement Provider Disclosure Statements. – I. A person shall not use a life settlement contract form or provide to a viator a disclosure statement form in this state unless first filed with and approved by the commissioner. II. The commissioner shall disapprove a life settlement contract […]
Section 408-D:6 – Reporting Requirements and Privacy.
408-D:6 Reporting Requirements and Privacy. – I. 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. Individual transaction data regarding the business of life settlements or data that could compromise the privacy of […]
Section 408-D:7 – Examination or Investigations.
408-D:7 Examination or Investigations. – I. Authority, scope, and scheduling of examinations. (a)(1) The commissioner may conduct an examination under this chapter of a licensee as often as the commissioner in his or her discretion deems appropriate. (2) In scheduling and determining the nature, scope, and frequency of the examinations, the commissioner may consider […]
Section 408-D:8 – Life Insurer Disclosure to Viator.
408-D:8 Life Insurer Disclosure to Viator. – I. Life insurers shall provide individual life insurance policyholders with a written notice that any of the acts described in paragraph III can have significant future financial, tax, or other implications and the consumer should consult with a licensed financial advisor, attorney, or other professional who can […]
Section 408-D:9 – Life Settlement Provider Disclosure to Viator and Insured; Life Settlement Producer Disclosure to Viator.
408-D:9 Life Settlement Provider Disclosure to Viator and Insured; Life Settlement Producer Disclosure to Viator. – I. With each application for a life settlement, a life settlement provider or a life settlement producer on behalf of the life settlement provider shall provide the viator with at least the following disclosures no later than the […]