Life Settlements, Part 1

Table of Contents

Part 1 - NAIC Viatical Model Act		1
	Model Act Table of Contents	1
	Short Title	2
	Definitions	2
	License and Bond Requirements	9
	License Revocation & Denial	12
	Approval of Viatical Settlement	13
	Reporting Requirements & Privacy	13
	Examination or Investigations	14
	Record Retention Requirements	15
	Conduct of Examinations	15
	Examination Reports	16
	Confidentiality of Examination Information	17
	Conflict of Interest	19
	Cost of Examinations	19
	Immunity from Liability	19
	Investigative Authority of the Commissioner	20
	Disclosure to Viator	20
	Disclosure to Insurer	25
	General Rules	25
	Prohibited Practices	28
	Prohibited Practices & Conflicts of Interest	29
	Advertising for Viatical Settlements & Purchase Agreements	30
	Fraud Prevention & Control	35
	Interference and Participation of Convicted Felons Prohibited	35
	Fraud Warnings Required	35
	Mandatory Reporting of Fraudulent Viatical Settlement Acts	35
	Immunity from Liability	35
	Confidentiality	36
	Other Law Enforcement or Regulatory Authority	37
	Viatical Settlement Antifraud Initiatives	37
	Injunctions; Civil Remedies; Cease-and-Desist	38
	Unfair Trade Practices	40
	Authority to Promulgate Regulations	40
	Severability	41
	Effective Date	41
	The Bottom Line	41
	Mandatory Training Requirements – Life Settlement	43
	632.69 Life settlements. (3) TRAINING	43
	Ins 2.18 Life settlement contracts. (4) Training	44

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