760 Ind. Admin. Code 1-61-8

Current through December 12, 2024

Section 760 IAC 1-61-8 - Reporting requirements

Authority: IC 27-8-19.8-26

Affected: IC 27-8-19.8-17

Sec. 8.

On or before March 1 of each calendar year, each viatical settlement provider licensed in Indiana shall make a report of all viatical transactions for the previous calendar year where the viator is a resident of Indiana or was a resident of Indiana at the time the contract was executed and for all states in the aggregate containing the following information:

(1) The following for each viatical settlement contract executed or acquired during the reporting period:

(A) Date of viatical settlement contract.

(B) Life expectancy of the insured at the time of contract, in months.

(C) Face amount of the policy viaticated.

(D) Net death benefit viaticated.

(E) Estimated total premiums to keep the policy in force for life expectancy.

(F) Net amount paid to viator.

(G) Source of policy:

(i) A-agent;

(ii) B-broker;

(iii) D-direct purchase; or

(iv) SM-secondary market.

(H) Type of coverage:

(i) I-individual; or

(ii) G-group.

(I) Within the contestable or suicide period, or both, at the time of viatical settlement (yes or no).

(J) Primary International Classification of Diseases (ICD) diagnosis code, in numeric format, as defined by the international classification of diseases, as most recently published by the United States Department of Health and Human Services.

(K) Type of funding:

(i) I-institutional; or

(ii) P-private.

(L) A copy of the pricing memorandum described in section 9 of this rule. At the time of submission of the pricing memorandum or any subsequent supporting documentation, the viatical settlement provider may request the commissioner to withhold that material from public inspection in order to preserve trade secrets in accordance with IC 5-24-3-4[IC 5-24 was repealed by P.L. 257-2019, SECTION 9, effective July 1, 2019.]. Each page covered by such request shall be clearly marked "confidentiality requested", and all pages so marked shall be placed in a separate envelope.

(2) The following for each viatical settlement contract where death has occurred during the reporting period:

(A) Date of viatical settlement contract.

(B) Life expectancy of the insured at the time of contract, in months.

(C) Net death benefit collected.

(D) Total premiums paid to maintain the policy (or indicate WP-waiver of premium or NA-not applicable).

(E) Net amount paid to viator.

(F) Primary International Classification of Diseases (ICD) diagnosis code, in numeric format, as defined by the international classification of diseases, as most recently published by the United States Department of Health and Human Services.

(G) Date of death.

(H) Amount of time between the date of contract and the date of death, in months.

(I) Difference between the number of months that passed between the date of the contract and the date of death and the life expectancy, in months, as determined by the reporting company.

(J) Date policy was issued to viator.

(3) Name and address of each viatical settlement agent and broker through whom the reporting company purchased a policy from a viator who resided in Indiana at the time of the contract.

(4) Number of policies reviewed and rejected.

(5) Number of policies purchased in the secondary market as a percentage of total policies purchased.

760 IAC 1-61-8

Department of Insurance; 760 IAC 1-61-8; filed Oct 20, 1999, 10:23 a.m.: 23 IR 582; 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