Title 41 — INSURANCE

41-1951. Definitions. In sections 41-1950 through 41-1965, Idaho Code: (1) "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…

41-1952. License Requirement. (1) A person shall not act as a life settlement provider or life settlement broker where the owner of the life insurance policy is a resident of this state without first obtaining a license from the director as a life insurance producer under chapter…

41-1953. Filing of Life settlement Contracts and Disclosure Statements. A person shall not use a life settlement contract form or provide to an owner a disclosure statement form in this state unless first filed with the director accompanied by a certification that the form is in …

41-1954. Reporting Requirements and Privacy. (1) Each life settlement provider shall file with the director, on or before March 1 of each year, an annual statement containing such information on a form prescribed by the director or as prescribed by rule. Such information shall be…

41-1955. Examination and Records. (1) A person required to be licensed by sections 41-1950 through 41-1965, Idaho Code, is subject to examination as authorized in chapter 2, title 41, Idaho Code, and shall for five (5) years retain copies of all: (a) Proposed, offered and execute…

41-1956. Disclosure to Owner Upon Application. With each application for a life settlement contract, a life settlement provider or life settlement broker shall provide the owner with at least the following disclosures no later than the time the application for the life settlement…

41-1957. Disclosure to Owner By Provider Upon Settlement Contract. A life settlement provider shall provide the owner with at least the following disclosures prior to the time the owner signs the life settlement contract. The disclosures shall be conspicuously displayed in the li…

41-1958. Disclosure to Owner By Broker Upon Settlement Contract. A life settlement broker shall provide the owner with at least the following disclosures prior to the time the owner signs the life settlement contract. The disclosures shall be conspicuously displayed in the life s…

41-1959. Notice of Change by Provider. If the life settlement provider transfers ownership or changes the beneficiary of the insurance policy, the provider shall communicate in writing the change in ownership or beneficiary to the insured within twenty (20) days after the change.

41-1960. General Rules. (1) A life settlement provider entering into a life settlement contract shall first obtain: (a) If the owner is the insured, a written statement from a licensed attending physician that the owner is of sound mind and under no constraint or undue influence …

41-1961. Permitted Life Settlements and Supporting Documentation. (1) It is a violation of the provisions of sections 41-1950 through 41-1965, Idaho Code, for any person to enter into a life settlement contract at any time prior to the issuance of a policy which is the subject of…

41-1962. Prohibited Practices and Conflicts of Interest. (1) It is a violation of the provisions of sections 41-1950 through 41-1965, Idaho Code, for any person to engage in any act that constitutes or promotes a STOLI regarding any resident of this state. (2) With respect to any…

41-1963. Advertising for Life Settlements. No person required to be licensed pursuant to sections 41-1950 through 41-1965, Idaho Code, shall engage in any false or misleading advertising, solicitation, or practice. In no case shall a life settlement broker or provider directly or…

41-1964. Penalty — Unfair Trade Practices. A violation of the provisions of sections 41-1950 through 41-1965, Idaho Code, shall be considered an unfair trade practice under chapter 13, title 41, Idaho Code, subject to the penalties contained in that chapter.

41-1965. Authority to Promulgate Rules. The director shall have the authority to promulgate rules implementing the provisions of sections 41-1950 through 41-1964, Idaho Code.