Florida Statutes Part X - Viatical Settlements (Ss. 626.991-626.99295)

• 626.991 - Short Title.
  This act may be referred to as the “Viatical Settlement Act.”History.—s. 1, ch. 96-336.
• 626.9911 - Definitions.
  As used in this act, the term:(1) “Financing entity” means an underwriter, placement agent, lender, purchaser of securities, or purchaser of a policy or certificate from...
• 626.9912 - Viatical Settlement Provider License Required; Application For License.
  (1) A person may not perform the functions of a viatical settlement provider as defined in this act or enter into or solicit a viatical settlement...
• 626.9913 - Viatical Settlement Provider License Continuance; Annual Report; Fees; Deposit.
  (1) A viatical settlement provider license continues in force until suspended or revoked.(2) Annually, on or before March 1, the viatical settlement provider licensee shall file a...
• 626.9914 - Suspension, Revocation, Denial, Or Nonrenewal Of Viatical Settlement Provider License; Grounds; Administrative Fine.
  (1) The office shall suspend, revoke, deny, or refuse to renew the license of any viatical settlement provider if the office finds that the licensee:(a) Has made...
• 626.9915 - Effect Of Suspension Or Revocation Of Viatical Settlement Provider License; Duration Of Suspension; Reinstatement.
  (1) When its license is suspended or revoked, the provider must proceed, immediately following the effective date of the suspension or revocation, to conclude the affairs...
• 626.9916 - Viatical Settlement Broker License Required.
  (1) After October 1, 2006, a person, other than a life agent licensed under this chapter, may not in this state, from this state, or with...
• 626.99175 - Life Expectancy Providers; Registration Required; Denial, Suspension, Revocation.
  (1) After July 1, 2006, a person may not perform the functions of a life expectancy provider without first having registered as a life expectancy provider,...
• 626.99181 - Viatical Settlement Broker’s Compensation.
  A viatical settlement broker shall disclose to a prospective viator the amount and method of calculating the broker’s compensation. The term “compensation” includes anything of...
• 626.9919 - Notice Of Change Of Licensee Or Registrant’s Address Or Name.
  Each viatical settlement provider licensee and registered life expectancy provider must provide the office at least 30 days’ advance notice of any change in the...
• 626.992 - Use Of Licensed Viatical Settlement Providers, Viatical Settlement Brokers, And Registered Life Expectancy Providers Required.
  (1) A licensed viatical settlement provider may not use any person to perform the functions of a viatical settlement broker as defined in this act unless...
• 626.9921 - Filing Of Forms; Required Procedures; Approval.
  (1) A viatical settlement contract form, escrow form, or related form may be used in this state only after the form has been filed with the...
• 626.9922 - Examination.
  (1) The office or department may examine the business and affairs of any of its respective licensees or applicants for a license. The office or department...
• 626.9923 - Viatical Settlement Contracts; Required Disclosures.
  The viatical settlement broker, or the viatical settlement provider in transactions in which no broker is used, must inform the viator by the date of...
• 626.9924 - Viatical Settlement Contracts; Procedures; Rescission.
  (1) A viatical settlement provider entering into a viatical settlement contract with any viator must first obtain a witnessed document in which the viator consents to...
• 626.99245 - Conflict Of Regulation Of Viaticals.
  (1) A viatical settlement provider who from this state enters into a viatical settlement contract with a viator who is a resident of another state that...
• 626.9925 - Rules.
  The commission may adopt rules to administer this act, including rules establishing standards for evaluating advertising by licensees; rules providing for the collection of data,...
• 626.9926 - Rate Regulation Not Authorized.
  Nothing in this act shall be construed to authorize the office or department to directly or indirectly regulate the amount paid as consideration for entry...
• 626.9927 - Unfair Trade Practices; Cease And Desist; Injunctions; Civil Remedy.
  (1) A violation of this act is an unfair trade practice under ss. 626.9521 and 626.9541 and is subject to the penalties provided in the insurance...
• 626.99272 - Cease And Desist Orders And Fines.
  (1) The office or department as appropriate may issue a cease and desist order upon a person that violates any provision of this part, any rule...
• 626.99275 - Prohibited Practices; Penalties.
  (1) It is unlawful for any person:(a) To knowingly enter into, broker, or otherwise deal in a viatical settlement contract the subject of which is a life...
• 626.99278 - Viatical Provider Anti-fraud Plan.
  Every licensed viatical settlement provider and registered life expectancy provider must adopt an anti-fraud plan and file it with the Division of Insurance Fraud of...
• 626.9928 - Acquisitions.
  Acquisition of interest in a viatical settlement provider is subject to s. 628.4615.History.—s. 19, ch. 96-336; s. 30, ch. 2005-237.
• 626.99285 - Applicability Of Insurance Code.
  In addition to other applicable provisions cited in the insurance code, the office or department, as appropriate, has the authority granted under ss. 624.310, 626.901,...
• 626.99287 - Contestability Of Viaticated Policies.
  Except as hereinafter provided, if a viatical settlement contract is entered into within the 2-year period commencing with the date of issuance of the insurance...
• 626.99295 - Grace Period.
  Any person who, on July 1, 2005, is effectuating a viatical settlement purchase agreement made before July 1, 2005, under provisions of law in effect...

Last modified: September 23, 2016