Senate Bill 0356
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DIGEST OF SB 356 (Updated January 26, 2006 12:50 pm - DI 110)
Viatical settlements. Makes a violation of the chapter concerning viatical settlements an unfair method of competition and an unfair and deceptive act or practice in the business of insurance. Specifies applicability of the law when a policy is owned by more than one person. Establishes certain requirements for viatical settlement brokers, viatical settlement providers, and insurers, including requirements concerning licensure, reporting, record keeping, examinations, confidentiality, liability for certain actions, financing, advertising, and viatical settlement of a policy less than two years after issuance. Specifies requirements when the insured has a "terminal illness or chronic illness", rather than a "catastrophic or life threatening illness". Repeals a definition of "viatical settlement agent" and a provision prohibiting an insurance producer from receiving a commission in connection with viatical settlement of a policy less than two years after the insurance producer's sale of the policy.
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