Illinois Compiled Statutes 215 Insurance: Article -

• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 1
  Short title. This Act may be cited as the Viatical Settlements Act of 2009. (Source: P.A. 96-736, eff. 7-1-10.)
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 5
  Definitions. "Accredited investor" means an accredited investor as defined in Rule 501(a) promulgated under the Securities Act of 1933 (15 U.S.C. 77 et seq.), as...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 10
  License and bond requirements. (a) A person shall not operate as a viatical settlement provider or viatical settlement broker without first obtaining a license from...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 11
  Viatical settlement broker training requirements. (a) Viatical settlement broker training shall be required as follows: (1) An individual may not sell, solicit, or negotiate viatical...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 15
  License revocation for viatical settlement providers. (a) The Director may refuse to issue or renew or may suspend or revoke the license of any viatical...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 17
  License revocation and denial for viatical settlement brokers. Insurance producers operating as viatical settlement brokers shall be subject to the license denial, nonrenewal, and revocation...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 20
  Approval of viatical settlement contracts and disclosure statements. A person shall not use a viatical settlement contract form or provide to a viator a disclosure...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 25
  Reporting requirements and privacy. (a) Each viatical settlement provider shall file with the Director on or before March 1 of each year a copy of...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 30
  Examination or investigation. (a) The Director may when and as often as the Director deems it reasonably necessary to protect the interests of the public,...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 35
  Disclosure to viator. (a) With each application for a viatical settlement contract, a viatical settlement provider or viatical settlement broker shall provide the viator with...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 40
  Disclosure to insurer. Prior to the initiation of a plan, transaction, or series of transactions a viatical settlement broker or viatical settlement provider shall fully...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 45
  General rules. (a) A viatical settlement provider entering into a viatical settlement contract shall first obtain: (1) if the viator is the insured, a written...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 50
  Prohibited practices. (a) It is a violation of this Act for any person to enter into a viatical settlement contract prior to the application of...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 55
  Prohibited practices and conflicts of interest. (a) With respect to any viatical settlement contract or insurance policy, no viatical settlement broker knowingly shall solicit an...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 60
  Advertising for viatical settlements. (a) The purpose of this Section is to provide prospective viators with clear and unambiguous statements in the advertisement of viatical...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 65
  Fraud prevention and control. (a) A person shall not commit the offense of viatical settlement fraud. A person shall not knowingly or intentionally interfere with...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 70
  Injunctions; civil remedies; cease and desist. (a) In addition to the penalties and other enforcement provisions of this Act, if any person violates this Act...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 72
  Crimes and offenses. (a) A person acting in this State as a viatical settlement provider without having been licensed pursuant to Section 10 of this...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 75
  Unfair trade practices. A violation of this Act, including the commission of viatical settlement fraud, shall be considered an unfair trade practice under Article XXVI...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 85
  Additional powers. In addition to any other hearing, examination, or investigation specifically provided for by this Act, the Director may conduct such hearings, examinations, and...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 90
  Insurance Code Provisions. Insurance producers operating as viatical settlement brokers shall be subject to Article XXXI of the Illinois Insurance Code. (Source: P.A. 96-736, eff.
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 95
  Applicability of securities laws. Nothing in this Act shall preempt or otherwise limit the provisions of the Illinois Securities Law of 1953 or any regulations,...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 100
  Viatical settlement provider application. A viatical settlement provider lawfully transacting business in this State may continue to do so pending approval or disapproval of the...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 105
  Application of this Act. Notwithstanding any other provisions of this Act, nothing in this Act shall apply in the following instances: (i) The purchase of...
• Illinois Insurance: Article -
  Amendatory provisions; text omitted
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 900
  (Amendatory provisions; text omitted). (Source: P.A. 96-736, eff. 7-1-10; text omitted.)
• Illinois Insurance: Article -
  Amendatory provisions; text omitted
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 905
  (Amendatory provisions; text omitted). (Source: P.A. 96-736, eff. 7-1-10; text omitted.)
• Illinois Insurance: Article -
  Amendatory provisions; text omitted
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 910
  (Amendatory provisions; text omitted). (Source: P.A. 96-736, eff. 7-1-10; text omitted.)
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 950
  The Viatical Settlements Act is repealed. (Source: P.A. 96-736, eff. 7-1-10.)
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 995
  No acceleration or delay. Where this Act makes changes in a statute that is represented in this Act by text that is not yet or...
• Illinois Viatical Settlements Act of 2009. - 215 ILCS 159, Section 999
  Effective date. This Act takes effect July 1, 2010. (Source: P.A. 96-736, eff. 7-1-10.)

Last modified: February 18, 2015