§ 10-7-615 — Rules

(1) The commissioner may:

(a) Promulgate rules implementing this part 6;

(b) Establish standards for evaluating the reasonableness of payments under
a viatical settlement contract for a person who is terminally or chronically ill. This
authority includes, but is not limited to, regulation of discount rates used to
determine the amount paid in exchange for assignment, transfer, sale, devise, or
bequest of a benefit under a policy. If the insured is not terminally or chronically ill,
a viatical settlement provider shall pay an amount greater than the cash surrender
value or accelerated death benefit then available.

(c) Establish appropriate licensing requirements, fees, and standards for
continued licensure for a viatical settlement provider and a fee for life insurance
producers;

(d) Require a bond or other mechanism for financial accountability for a
viatical settlement provider; and

(e) Adopt rules governing the relationship and responsibilities of an insurer
and a viatical settlement provider, a life insurance producer, and others in the
business of viatical settlements during the period of consideration or effectuation
of a viatical settlement contract.

Legislative History

Source: L. 2005: Entire part added, p. 1322, � 1, effective January 1, 2006.