760 Ind. Admin. Code 1-61-3

Current through December 12, 2024

Section 760 IAC 1-61-3 - Licensure and regulation of viatical settlement agents and brokers

Authority: IC 27-8-19.8-26

Affected: IC 27-8-19.8

Sec. 3.

(a) No person may act as a viatical settlement agent or a viatical settlement broker unless the person:

(1) is licensed as a life insurance agent under IC 27-1-15.5; and

(2) has filed with the commissioner a declaration that contains:

(A) a statement the person intends to act as a viatical settlement broker or a viatical settlement agent in Indiana;

(B) a list of the states in which the person is or has ever been licensed to act as, is acting as, or has acted as a viatical settlement agent or broker and the current status of any such license, including if the license has ever been revoked or suspended; and

(C) a report describing the nature and status of:

(i) any formal or informal disciplinary or other regulatory action by the federal government or any level of government in any state; or

(ii) any administrative, civil, or criminal action; that is pending or has been taken against the applicant with respect to the business of viatical settlements or life insurance.

(b) A viatical settlement broker is deemed to represent only the viator's interests and shall owe a fiduciary duty to the viator to act according to the viator's instructions and in the viator's best interests.

(c) A viatical settlement broker may not seek or obtain any compensation from the viator without the written agreement of the viator obtained before the broker performs any services in connection with the viatical settlement transaction.

(d) A viatical settlement agent is deemed to represent only the viatical settlement provider. A viatical settlement agent may not seek or obtain any compensation from the viator in connection with the viatical settlement transaction.

(e) In addition to the disclosure requirement set forth in subsection (a), a person who acts as a viatical settlement agent or broker shall comply with and be subject to all provisions of Indiana insurance law and rules applicable to a life insurance agent as defined in IC 27-1-15.5-2.

760 IAC 1-61-3

Department of Insurance; 760 IAC 1-61-3; filed Oct 20, 1999, 10:23 a.m.: 23 IR 578; readopted filed Nov 7, 2005, 10:50 a.m.: 29 IR 896; readopted filed Nov 29, 2011, 9:14 a.m.: 20111228-IR-760110553RFA

Readopted filed 11/6/2017, 1:06 p.m.: 20171206-IR-760170354RFA

Readopted filed 11/13/2023, 10:12 a.m.: 20231213-IR-760230631RFA