The Insurance Commissioner shall have the authority to:
1. Promulgate regulations implementing the Viatical Settlements Act of 2008;
2. Establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill. This authority includes, but is not limited to, regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise or bequest of a benefit under a life insurance policy insuring the life of a person that is chronically or terminally ill;
3. Establish appropriate licensing requirements, fees and standards for continued licensure for viatical settlement providers and brokers;
4. Require a bond or other mechanism for financial accountability for viatical settlement providers and brokers; and
5. Adopt rules governing the relationship and responsibilities of both insurers and viatical settlement providers and viatical settlement brokers during the viatication of a life insurance policy or certificate.
Added by Laws 2008, c. 183, § 16, eff. Nov. 1, 2008.