Title 23 — Public Utilities and Regulated Industries

(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…

There shall be a title on the face of each policy briefly describing its form.

(1) No policy of industrial life insurance shall contain any of the following provisions:(1) A provision by which the insurer may deny liability under the policy for the reason that the insured has previously obtained other insurance from the same insurer;(2) A provision giving t…

(a) Except when specifically provided otherwise, “policy” as used in this chapter shall include both life insurance and annuities. (b) (1) No policy shall be delivered in this state insuring the lives of more than one (1) individual with or without one (1) or more members of the …

(1) A policy issued to an employer or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, shall be subject to the following requi…

(1) A policy issued to a labor union or similar employer organization, which shall be deemed to be the policyholder, to insure members of the union or organization for the benefit of persons other than the union or organization or any of its officials, representatives, or agents,…

(1) A policy issued to a trust or to the trustee of a fund established by two (2) or more employers, or by one (1) or more labor unions or similar employee organizations, or by one (1) or more employers and one (1) or more labor unions or similar employee organizations, which tru…

(a) Excluding an annuity policy, a policy issued to a creditor or its parent holding company or to a trustee or agent designated by two (2) or more creditors, which creditor, holding company, affiliate, trustee, or agent shall be deemed the policyholder, to insure debtors of the …

(a) A policy can be issued to an association or to a trust or to the trustee or trustees of a fund established, created, or maintained for the benefit of members of one (1) or more associations. (b) The association shall have:(1) At the outset a minimum of one hundred (100) perso…

(1) Group insurance offered to a resident of this state under a group policy issued to a group other than one described in §§ 23-83-102 — 23-83-106 shall be subject to the following requirements:(1) No group policy or certificate shall be delivered in this state unless the Insura…

(1) Except for a policy issued under § 23-83-105(a), a group policy, excluding an annuity policy, may be extended to insure the employees or members against loss due to the death of their spouses and dependent children or any classes thereof, subject to the following:(1) (A) The …

(a) No policy shall be delivered in this state unless it contains in substance the following provisions, or provisions which in the opinion of the Insurance Commissioner are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable …

(a) Excluding an annuity policy, the group policy shall contain a provision that the policyholder is entitled to a grace period of thirty-one (31) days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in forc…

(a) The group policy shall contain a provision that the validity of the policy shall not be contested, except for fraud in the procurement or nonpayment of premiums after it has been in force for two (2) years from its date of issue, and that no statement made by any person insur…

The group policy shall contain a provision that a copy of the application, if any, of the policyholder shall be attached to the policy when issued, that all statements made by the policyholder or by the persons insured shall be deemed representations and not warranties, and that …

The group policy shall contain a provision setting forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a condition to part or all of his o…

A group policy shall contain a provision specifying an equitable adjustment of premiums or of benefits, or of both, to be made in the event the age of a person insured has been misstated. The provision shall contain a clear statement of the method of adjustment to be used.

A group policy shall contain a provision that any sum becoming due by reason of the death of the person insured shall be payable to the beneficiary designated by the person insured. However, when the policy contains conditions pertaining to family status, the beneficiary may be t…

A group policy shall contain a provision that the insurer will issue to the policyholder for delivery to each person insured a certificate setting forth a statement as to the insurance protection to which he or she is entitled, to whom the insurance benefits are payable, as to an…

(1) Excluding an annuity policy, a group policy shall contain a provision that if the insurance or any portion of it on a person covered under the policy or on the dependent of a person covered ceases because of termination of employment or of membership in the classes eligible f…