20-3203. Contract requirements
A. A person may not use any form of life settlement contract in this state unless it is filed with and, if required, approved by the director in a manner that conforms with the filing procedures and any time restrictions or deeming provisions for life insurance forms, policies or contracts.
B. As a condition of responding to a request for verification of coverage or in connection with the transfer of a policy pursuant to a life settlement contract, an insurer may not require that the owner, insured, provider or broker sign any form, disclosure, consent, waiver or acknowledgment that has not been expressly approved by the director for use in connection with life settlement contracts in this state.
C. A person may not use a life settlement contract form or provide to an owner a disclosure statement form in this state unless the form is first filed with and approved by the director. The director may not approve a life settlement contract form or disclosure statement form if, in the director's opinion, the contract or provisions of the contract fail to meet the requirements of this chapter or are unreasonable, contrary to the public interest or otherwise misleading or unfair to the owner.
Section: Previous 20-3151 20-3152 20-3153 20-3154 20-3155 20-3201 20-3202 20-3203 20-3204 20-3205 20-3206 20-3207 20-3208 20-3209 20-3210 NextLast modified: October 13, 2016