§ 48.102.045. Must be licensed -- Transfer to unlicensed entity is void -- Rights in policy restored to viator -- Exceptions allowed by rule
(1) A viatical settlement provider shall not directly or indirectly assign, transfer, sell, resell, or transfer by gift or bequest, or otherwise convey any insurance policy that is or has been the subject of a viatical settlement agreement, to any person, custodian, investor, investor group, or other entity that does not hold a Washington license as a viatical settlement provider, issued by the commissioner.
(2) Any attempted transfer to any person, custodian, investor, investor group, or other entity not holding such a license is void, and all rights in the insurance policy are restored to the viator as of the date of the purported transfer, except that the viator is not required to return the proceeds of the original viatical settlement agreement to the viatical settlement provider. The commissioner may allow exceptions to this subsection, by rule.
[1995 c 161 § 9.]
Sections: Previous 48.102.005 48.102.010 48.102.015 48.102.020 48.102.025 48.102.030 48.102.035 48.102.040 48.102.045 48.102.050 48.102.055 48.102.900 48.102.901 NextLast modified: April 7, 2009