Ohio Revised Code Chapter 3916 - Viatical Settlements Model Act

• Section 3916.01 - Viatical Settlements Model Act Definitions.
  As used in this chapter: (A) "Advertising" means any written, electronic, or printed communication or any communication by means of recorded telephone messages or...
• Section 3916.02 - Viatical Settlement Provider Or Broker License.
  Division (A) is not effective until 12-11-2008 (A) Notwithstanding division (C) of this section, no person shall operate in this state as a viatical...
• Section 3916.03 - Application For License - Issuance, Renewal - New Or Revised Information.
  (A) An applicant for a license as a viatical settlement provider or viatical settlement broker shall submit an application for the license in a...
• Section 3916.031 - Licensed Broker Business To Maintain Licensed Individual.
  Any corporation, partnership, or other business that is licensed as a viatical settlement broker shall maintain at least one designated individual who is individually...
• Section 3916.04 - Broker Deemed To Represent Viator - Fiduciary Duty.
  Irrespective of the manner in which the viatical settlement broker is compensated, a viatical settlement broker is deemed to represent only the viator and...
• Section 3916.05 - Forms To Be Approved By Superintendent - Fees.
  (A) A person shall not use a viatical settlement contract form or provide a disclosure statement form to a viator in this state unless...
• Section 3916.06 - Required Disclosures With Application.
  (A) (1) With each application for a viatical settlement, a viatical settlement provider or viatical settlement broker shall disclose at least the following to...
• Section 3916.07 - Viatical Settlement Provider - Duties - Confidentiality Of Medical Information.
  (A) A viatical settlement provider entering into a viatical settlement contract shall first obtain all of the following: (1) If the viator is the...
• Section 3916.08 - Right To Rescind Contract After Receipt Of Proceeds.
  Each viatical settlement contract entered into in this state shall provide the viator with an unconditional right to rescind the contract for at least...
• Section 3916.09 - Independent Escrow Agent.
  (A) The viatical settlement provider shall instruct the viator to send the executed documents required to effect the change in ownership, assignment, or change...
• Section 3916.10 - Limiting Contact With Insured After Settlement Has Occurred.
  After a viatical settlement has occurred, contact with the insured for the purpose of determining the health status of the insured shall be made...
• Section 3916.11 - Records - Examinations.
  (A) (1) A licensee under this chapter shall, for five years, retain copies of all of the following: (a) All proposed, offered, or executed...
• Section 3916.12 - Annual Statement - Financial Statements.
  (A) Each licensee under this chapter shall file with the superintendent of insurance, on or before the first day of March of each year,...
• Section 3916.13 - Permitted Disclosures.
  Except as otherwise permitted or required by law, a viatical settlement provider, viatical settlement broker, insurance company, insurance agent, insurance broker, information bureau, rating...
• Section 3916.14 - Examination By Superintendent.
  (A) (1) The superintendent of insurance may conduct an examination under this chapter of a licensee as often as the superintendent in the superintendent's...
• Section 3916.15 - Prohibitions.
  (A) The superintendent of insurance may refuse to issue or may suspend, revoke, or refuse to renew the license of a viatical settlement provider...
• Section 3916.16 - Conditions Permitting Entering Into Viatical Settlement Contract Within Two-year Period Commencing With Date Of Issuance Of Insurance Policy Or Certificate.
  (A) (1) It is a violation of this chapter for any person to enter into a viatical settlement contract prior to the application for...
• Section 3916.17 - Advertising Of Viatical Settlement Contracts.
  (A) The general assembly hereby declares that the purpose of this section is to provide prospective viators with clear and unambiguous statements in the...
• Section 3916.171 - Fraudulent Viatical Settlement Acts Prohibited.
  (A) No person shall commit a fraudulent viatical settlement act. (B) All of the following acts are fraudulent viatical settlement acts when committed by...
• Section 3916.172 - Transactions In Furtherance Of Stranger-originated Insurance Void.
  Any contract, agreement, arrangement, or transaction including, but not limited to, any financing agreement or arrangement identified in section 1321.72 of the Revised Code...
• Section 3916.173 - Trusts To Give Appearance Of Insurable Interest Illegal.
  Trusts or other persons that are created to give the appearance of insurable interest and are used to initiate one or more policies for...
• Section 3916.18 - Prohibiting Fraudulent Acts.
  (A) (1) No person shall knowingly or intentionally interfere with the enforcement of the provisions of this chapter or investigations of suspected or actual...
• Section 3916.19 - Injunctions.
  (A) In addition to the penalties and other enforcement provisions contained in this chapter, if any person violates any provision of this chapter or...
• Section 3916.20 - Rules.
  The superintendent of insurance may adopt rules in accordance with Chapter 119. of the Revised Code for purposes of implementing this chapter, including, but...
• Section 3916.21 - Prohibition.
  (A) No person shall fail to comply with this chapter. (B) Whoever violates division (A) of this section is deemed to have engaged in...
• Section 3916.99 - Penalty.
  (A) Whoever violates section 3916.02 of the Revised Code is guilty of a felony of the third degree. (B) Whoever violates division (A) of...

Last modified: October 10, 2016