Title 23, Public Utilities and Regulated Industries

This subchapter shall be known and may be cited as the “Structured Settlement Protection Act”.

(1) As used in this subchapter:(1) “Annuity issuer” means an insurer that has issued a contract to fund periodic payments under a structured settlement;(2) “Dependents” includes a payee's spouse and minor children and all other persons for whom the payee is legally obligated to p…

(1) Not less than three (3) days prior to the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement in bold type no smaller than fourteen (14) points, setting forth:(1) The amounts and due dates of the structur…

(1) No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the t…

(1) Following a transfer of structured settlement payment rights under this subchapter:(1) The structured settlement obligor and the annuity issuer shall be discharged and released from all liability for the transferred payments as to all parties except the transferee;(2) The tra…

(a) An application under this subchapter for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought:(1) In the county in which:(A) The payee resides; or(B) The structured settlement obligor or the annuity issuer maintains…

(a) The provisions of this subchapter may not be waived by any payee. (b) (1) Any transfer agreement entered into on or after August 12, 2005, by a payee who resides in this state shall provide that disputes under the transfer agreement, including any claim that the payee has bre…

This subchapter shall be known and may be cited as the “Life Settlements Act”.

(1) As used in this subchapter:(1) “Advertisement” means any written, electronic, or printed communication or any communication by means of recorded telephone messages or transmissions on radio, television, the Internet, or similar communications media, including film strips, mot…

(a) A person, wherever located, shall not act as a provider or broker with an owner or multiple owners who is a resident of this state without first having obtained a license from the Insurance Commissioner. (b) (1) Application for a provider or broker license shall be made to th…

(a) The Insurance Commissioner may suspend, revoke, or refuse to renew the license of any licensee if the commissioner finds that:(1) There was any material misrepresentation in the application for the license;(2) The licensee or any officer, partner, member, or director has been…

(a) A person shall not use any form of life settlement contract in this state unless it has been filed with and approved, if required, by the Insurance Commissioner in a manner that conforms with the filing procedures and any time restrictions or deeming provisions, if any, for l…

(a) (1) (A) For any policy settled within five (5) years of policy issuance, each provider shall file with the Insurance Commissioner on or before March 1 of each year an annual statement containing such information as the commissioner may prescribe by rule.(B) In addition to any…

(a) (1) When the Insurance Commissioner deems it reasonably necessary to protect the interests of the public, the commissioner may examine the business and affairs of any licensee or applicant for a license.(2) The commissioner may order any licensee or applicant to produce any r…

(a) (1) A broker or provider licensed pursuant to this subchapter may conduct or participate in advertisements within this state.(2) Advertisements shall comply with all advertising and marketing laws or rules promulgated by the Insurance Commissioner that are applicable to life …

(a) The provider or broker shall provide in writing in a separate document that is signed by the owner and provider or broker the following information to the owner no later than the date of the application for a life settlement contract:(1) The fact that possible alternatives to…

(a) Without limiting the ability of an insurer from assessing the insurability of a policy applicant and determining whether or not to issue the policy and in addition to other questions an insurance carrier may lawfully pose to a life insurance applicant, insurance carriers may …

(a) A provider entering into a life settlement contract with any owner of a policy when the insured is terminally or chronically ill shall first obtain:(1) If the owner is the insured, a written statement from a licensed attending physician that the owner is of sound mind and und…

(a) The Insurance Commissioner may promulgate rules implementing this subchapter regulating the activities and relationships of providers, brokers, insurers, and their agents, subject to statutory limitations on administrative rulemaking. (b) Conflict of Laws.(1) (A) If there is …

(a) It is unlawful for any person to:(1) Enter into a life settlement contract if the person knows or reasonably should have known that the life insurance policy was obtained by means of a false, deceptive, or misleading application for the policy;(2) Engage in any transaction, p…

(a) Fraudulent Life Settlement Act, Interference, and Participation of Convicted Felons Prohibited.(1) A person shall not commit a fraudulent life settlement act.(2) A person shall not knowingly and intentionally interfere with the enforcement of this subchapter or investigations…

(a) In addition to the penalties and other enforcement provisions of this subchapter, if any person violates this subchapter or any rule implementing this subchapter, the Insurance Commissioner may seek an injunction in a court of competent jurisdiction in the county where the pe…

(a) It is a violation of this subchapter for any person, provider, broker, or any other party related to the business of life settlements to commit a fraudulent life settlement act. (b) For criminal liability purposes, a person that commits a fraudulent life settlement act is gui…

A violation of §§ 23-81-801 — 23-81-816 shall be considered an unfair trade practice pursuant to § 23-66-206 and shall be subject to the provisions related to hearings and penalties for violations of §§ 23-66-207 — 23-66-212 of the Trade Practices Act, § 23-66-201 et seq.

(a) (1) A provider lawfully transacting business in this state before July 31, 2009, may continue to do so pending approval or disapproval of that person's application for a license if the application is filed with the Insurance Commissioner not later than thirty (30) days after …

This subchapter shall be known and may be cited as the “Unclaimed Life Insurance Benefits Act”.

(1) The General Assembly intends for this subchapter to:(1) Recognize the escheat or unclaimed property statutes under the Unclaimed Property Act, § 18-28-201 et seq.; and(2) Require the complete and proper disclosure, transparency, and accountability for any method of payment of…

(1) As used in this subchapter:(1) (A) “Contract” means an annuity contract.(B) “Contract” does not include:(i) An annuity contract used to fund an employment-based retirement plan or program in which an insurer: (a) Does not perform recordkeeping services; or (b) Is not required…

(a) An insurer shall make a good faith effort to determine the death of an insured upon receipt of knowledge of death. (b) (1) An insurer shall compare an in-force policy, contract, and retained asset account against a death master file to identify a potential match to an insured…

(a) If an insurer fails to comply with this subchapter so frequently as to be a general business practice, then it is a violation of this subchapter and may be subject to the Trade Practices Act, § 23-66-201 et seq. (b) A violation of this subchapter does not create a private rig…

For the purpose of this code, unless the context otherwise requires, “industrial life insurance” is that form of life insurance written under policies of face amount of two thousand dollars ($2,000) or less bearing the words “industrial policy” imprinted on the face thereof as pa…

(1) The provisions of this chapter apply only to industrial life insurance policies. The following sections shall also apply to industrial life insurance:(1) Section 23-81-114, excluded or restricted coverage;(2) Section 23-81-115, limitation of liability;(3) Section 23-81-120, p…

Any of the provisions required by §§ 23-82-105 — 23-82-117 or any portion thereof which are not applicable to single premium or term policies or to policies issued or granted pursuant to nonforfeiture provisions shall to that extent not be incorporated therein.

No policy of industrial life insurance shall be offered, delivered, or issued for delivery in this state on or after January 1, 1988.

(a) There shall be a provision that the insured is entitled to a grace period of four (4) weeks within which the payment of any premiums after the first may be made, except that in policies for which the premiums are payable monthly, the period of grace shall be one (1) month, bu…

(a) There shall be a provision that the policy shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the policy when issued, a provision that the policy and the application therefor shall constitute the entire co…

There shall be a provision that the policy, exclusive of provisions relating to disability benefits or to additional benefits in the event of death by accident or accidental means, shall be incontestable, except for nonpayment of premiums, after it has been in force during the li…

(a) There shall be a provision that if it is found that the age of the individual insured or the age of any other individual considered in determining the premium has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have b…

(a) If the industrial life insurance policy is a participating policy, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the policy. However, at the option of the insurer, the participation may be deferred to the …

There shall be provisions for nonforfeiture benefits and cash surrender values as required by the Standard Nonforfeiture Law for Life Insurance, § 23-81-201 et seq.

There shall be a provision that unless the policy has been surrendered for its cash surrender value or unless the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within two (2) years from the date of premium default upon written application …

There shall be a provision that when the policy becomes a claim by the death of the insured, settlement shall be made upon surrender of the policy and receipt of due proof of death.

There shall be a provision that no agent shall have the power or authority to waive, change, or alter any of the terms or conditions of any policy, except that at the option of the insurer, the terms or conditions may be changed by an endorsement or rider signed by an authorized …

(a) Each policy shall have a space for the name of the beneficiary designated with a reservation of the right to designate or change the beneficiary after the issuance of the policy. (b) (1) The policy may also provide that no designation or change of beneficiary shall be binding…

In the case of weekly premium policies, there may be a provision that upon proper notice to the insurer, while premiums on the policy are not in default beyond the grace period, of the intention to pay future premiums directly to the insurer at its home office or any office desig…

(a) There may be a provision in the case of industrial policies granting to the insured, upon proper written request and upon presentation of evidence of insurability satisfactory to the insurer, the privilege of converting any industrial insurance policy to any form of life insu…