§ 7806 — Life settlement contract forms

§ 7806. Life settlement contract forms. (a) No licensed life\nsettlement provider shall enter into a life settlement contract subject\nto this chapter unless the life settlement contract form, application\nform, and any other form as may be prescribed by regulation, has been\nfiled with and approved by the superintendent. The superintendent may\ndisapprove any such form if the superintendent finds the form or any\nprovisions contained therein to be unreasonable, contrary to law or the\ninterests of the people of this state, or otherwise misleading or\nunfair.\n (b) Whenever, by the provisions of this chapter, the superintendent\nhas approved any life settlement contract form, application form, or any\nother form, the superintendent may, after notice and hearing given to\nthe life settlement provider that submitted the form for approval,\nwithdraw an approval previously given if:\n (1) the use of the form is contrary to the requirements applicable to\nthe form at the time of such withdrawal, or\n (2) it contains provisions that are unjust, unfair or inequitable.\n Any withdrawal of approval shall be effective at the expiration of\nsuch period, at least ninety days after the giving of notice of\nwithdrawal or as the superintendent shall in such notice prescribe.\n