Section 760 IAC 1-61-5 - Renewal and maintenance of viatical settlement provider licenseAuthority: IC 27-8-19.8-26
Affected: IC 4-21.5-3; IC 27-8-19.8-15
Sec. 5.
(a) A viatical settlement provider must apply to the department of insurance for a license renewal on or before June 1 of each year, commencing June 1, 2000. A renewal application may be obtained from the department of insurance at the address listed in section 4(b) of this rule. The renewal application is hereby adopted by reference.(b) A renewal fee in the amount of five hundred dollars ($500) must accompany the renewal application.(c) If a complete renewal application and the renewal fee are received by the department of insurance on or before June 1 of each year, the provider may continue to operate under its current license until the renewal is denied or issued by the department of insurance.(d) If a complete renewal application and fee are not received on or before June 1, the license shall terminate automatically on July 1. A licensee may not act as a viatical settlement provider until the department issues the license renewal.(e) If a complete renewal application and fee are not received on or before December 31 of the year that a license terminates pursuant to subsection (d), a viatical settlement provider must submit a new application and application fee pursuant to section 4 of this rule for a viatical settlement provider license.(f) If the commissioner denies a renewal application for a license, the commissioner shall notify the applicant and advise the applicant in writing of the reasons for the denial of the renewal of the license. Not later than sixty (60) days after receiving a notice from the commissioner under this subsection, the applicant may make written demand upon the commissioner for a hearing to determine the reasonableness of the commissioner's action. Such hearing shall be held within thirty (30) days from the date of receipt of the written demand of the applicant and shall be conducted in accordance with IC 4-21.5-3.(g) A viatical settlement provider must renew and maintain a license until either of the following events occurs: (1) The date the viatical settlement provider properly assigns, sells, or otherwise transfers to another viatical settlement provider licensed in this state any viatical settlement contracts held by the provider that have not matured.(2) The date that the last viatical settlement contract has matured.(h) If the license of a viatical settlement provider who has contracts that have not yet matured is denied, suspended, revoked, or terminated, the provider shall appoint another viatical settlement provider licensed in Indiana to make all inquiries to the viator, or the viator's designee, regarding health status of the viator or any other matters.Department of Insurance; 760 IAC 1-61-5; filed Oct 20, 1999, 10:23 a.m.: 23 IR 580; errata filed Dec 9, 1999, 1:05 p.m.: 23 IR 814; readopted filed Nov 7, 2005, 10:50 a.m.: 29 IR 896; readopted filed Nov 29, 2011, 9:14 a.m.: 20111228-IR-760110553RFAReadopted filed 11/6/2017, 1:06 p.m.: 20171206-IR-760170354RFAReadopted filed 11/13/2023, 10:12 a.m.: 20231213-IR-760230631RFA