§ 38.2-6014. Commission authority
Pursuant to the authority granted by § 38.2-223, the Commission may promulgate such rules and regulations as it may deem necessary to implement this chapter, including, but not limited to:
1. Establishing standards for evaluating reasonableness of payments under viatical settlement contracts for insureds who are 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 life insurance policy. Viatical settlement providers, where the insured is not terminally ill or chronically ill, shall pay an amount greater than the cash surrender value or accelerated death benefit then available;
2. Establish appropriate licensing requirements, fees, and standards for continued licensure for viatical settlement providers and viatical settlement brokers;
3. Requiring and setting the amount of any bond or other mechanism for financial accountability for viatical settlement providers and viatical settlement brokers; and
4. Adopting rules governing the relationship and responsibilities of both insurers and viatical settlement providers and viatical settlement brokers during the viatication of a life insurance policy or certificate.
(1997, c. 814, § 38.2-5706; 2003, c. 717.)
Sections: Previous 38.2-6002 38.2-6003 38.2-6004 38.2-6005 38.2-6006 38.2-6007 38.2-6008 38.2-6009 38.2-6010 38.2-6011 38.2-6012 38.2-6013 38.2-6014 38.2-6015 38.2-6016 NextLast modified: April 16, 2009