Title XIII, COMMERCE (Ch. 505 - 554I)

1. With respect to any viatical settlement contract or insurance policy, a viatical settlement broker shall not knowingly solicit an offer from, effectuate a viatical settlement with, or make a sale to any viatical settlement provider, viatical settlement purchaser, financing ent…

The purpose of this section is to provide prospective viators with clear and unambiguous statements in the advertisement of viatical settlements and to assure the clear, truthful, and adequate disclosure of the benefits, risks, limitations, and exclusions of any viatical settleme…

1. Fraudulent viatical settlement acts — interference, and participation of convicted felons prohibited. a. A person shall not commit a fraudulent viatical settlement act. b. A person shall not knowingly or intentionally interfere with the enforcement of the provisions of this ch…

1. In addition to the penalties and other enforcement provisions of this chapter , if any person violates this chapter or any rule implementing this chapter , the commissioner may seek an injunction in a court of competent jurisdiction and may apply for a temporary or permanent o…

A violation of this chapter , including the commission of a fraudulent viatical settlement act, is an unfair trade practice under chapter 507B and a person convicted of the violation is subject to the penalties contained in that chapter. 2008 Acts, ch 1155, §17 Referred to in §50…

1. a. A person acting in this state as a viatical settlement provider or viatical settlement broker, without being licensed pursuant to section 508E.3 , who willfully violates any provision of this chapter or any rule adopted or order issued under this chapter , is guilty of a cl…

The commissioner shall have the authority to do all of the following: 1. Adopt rules implementing and administering this chapter . 2. Establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically il…

The commissioner shall regulate, but not prohibit, the sale of viatical settlements as provided in this chapter . 2000 Acts, ch 1147, §35 C2001, §508E.1 2008 Acts, ch 1155, §21 C2009, §508E.1A

As used in this chapter , unless the context otherwise requires: 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 medi…

All information filed with the commissioner pursuant to the requirements of this chapter and its implementing rules shall constitute a public record that is open for public inspection except as otherwise provided in this chapter . 2008 Acts, ch 1123, §18 ; 2008 Acts, ch 1191, §13…

1. a. A person shall not operate as a viatical settlement provider or viatical settlement broker without first obtaining a license from the commissioner of the state of residence of the viator. b. An insurer that issued a policy being viaticated shall not be responsible for any a…

1. The commissioner may refuse to issue, suspend, revoke, or refuse to renew the license of a viatical settlement provider or viatical settlement broker if the commissioner finds that any of the following applies: a. There was any material misrepresentation in the application for…

A person shall not use a viatical settlement contract form or provide to a viator a disclosure statement form in this state unless first filed with and approved by the commissioner. The commissioner shall disapprove a viatical settlement contract form or disclosure statement form…

1. For any policy settled within five years of policy issuance, each viatical settlement provider shall file with the commissioner on or before March 1 of each year an annual statement containing such information as the commissioner may adopt by rule. In addition to any other req…

1. Authority, scope, and scheduling of examinations. a. (1) The commissioner may conduct an examination under this chapter of a licensee as often as the commissioner in the commissioner’s discretion deems appropriate after considering the factors set forth in this paragraph “a” .…

1. With each application for a viatical settlement, a viatical settlement provider or viatical settlement broker shall provide the viator with at least the following disclosures no later than the time the application for the viatical settlement contract is signed by all parties. …

A viatical settlement broker, or viatical settlement provider, shall fully disclose to an insurer a transaction or series of transactions to which the viatical settlement broker or viatical settlement provider is a party to originate, renew, continue, or finance a life insurance …