§ 10-7-606 — Annual reports

Colorado § 10-7-606

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Life Insurance

Text

(1) Each viatical settlement provider shall file
with the commissioner by March 1 of each year an annual statement containing
such information as the commissioner prescribes by rule. This information is limited
to only those transactions in which the viator is a resident of this state and does not
include individual transaction data regarding the business of viatical settlements or
data that compromises the privacy of personal, financial, or health information of
the viator or insured.

(2) Except as otherwise allowed or required by law, a viatical settlement
provider, life insurance producer, information bureau, rating agency or company, or
other person with actual knowledge of a viator or insured's identity may not
disclose that identity as a viator or insured or the viator's or insured's financial or
medical information to another person unless the disclosure is:

(a) (I) Necessary to effect a viatical settlement contract between the viator
and a viatical settlement provider; and

(II) The viator or insured or both, as may be required, have provided prior
written consent to the disclosure;

(b) Provided in response to an investigation or examination by the
commissioner or another governmental officer or agency or pursuant to this article;

(c) A term of or condition to the transfer of a policy by one viatical
settlement provider to another viatical settlement provider;

(d) Necessary to permit a financing entity, related provider trust, or special
purpose entity to finance the purchase of policies by a viatical settlement provider
and the viator and insured have provided prior written consent to the disclosure;

(e) Necessary to allow the viatical settlement provider or its authorized
representative to make contacts for the purpose of determining health status; or

(f) Required to purchase stop-loss coverage.

Legislative History

Source: L. 2005: Entire part added, p. 1301, � 1, effective January 1, 2006.