Legislative Session number- 86

Bill Name: SF1539

3E Relating to insurance, enacting and modifying the viatical settlement model
act of the national association of insurance commissions; regulating viatical
(life insurance) settlements; requiring a provider or broker license; requiring
agent licensing; providing for life insurance providers to meet licensing
requirements under certain conditions; specifying application to commerce
commissioner for agent licensing; specifying disclosure requirements; providing
for commissioner investigation provisions; permitting legal entity licensing;
requiring consent to service of process; specifying a duty to supplement
information and requiring training; providing for license revocation and denial;
providing for approval of viatical settlement contracts and disclosure
statements; specifying reporting requirements and privacy provisions; specifying
application and contract disclosures by providers and brokers; specifying
general rules, prohibited practices and conflicts of interest; regulating
advertising for viatical settlements and purchase agreements; providing for
fraud prevention and control; providing for immunity from liability; providing
for unfair trade practices; repealing statutes relating to viatical settlements
data, definitions, license requirements, service of process nonresident
licensing, license revocation, contract forms approval, reporting requirements,
examination, disclosure, general requirements, evaluation of reasonable payments
standards evaluation, settlement brokers, advertising standards and unfair trade
practices
(me)