§ 27-8-19.8-24 — Prerequisites to viatical settlement contract

Indiana § 27-8-19.8-24

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 8: LIFE, ACCIDENT, AND HEALTH
• Ch. 19.8: Viatical Settlements

Text

A viatical settlement provider shall obtain
the following before entering into a viatical settlement contract:
(1) If the viator is the insured, a written statement from a licensed
attending physician that the insured is of sound mind and under
no constraint or undue influence.
(2) A document signed by the viator and witnessed by two (2)
disinterested witnesses in which the viator does the following:
(A) Consents to the viatical settlement contract.
(B) If the insured has a catastrophic or life threatening illness
or condition, acknowledges the catastrophic or life threatening
illness or condition.
(C) Represents that the viator has a full and complete
understanding of the viatical settlement contract.
(D) Represents that the viator has a full and complete
understanding of the benefits of the life insurance policy.
(E) Acknowledges that the viator has entered into the viatical
settlement contract freely and voluntarily.
(F) Discloses the identity of any person that served as a viatical
settlement broker in connection with the viatical settlement
contract.
(3) A document in which the insured consents to the release of the
insured's medical records.

Legislative History

As added by P.L.130-1994, SEC.47 and P.L.116-1994, SEC.70. Amended by P.L.32-1998, SEC.25; P.L.223-2005, SEC.8.