Connecticut Administrative Code
Title 38a - Insurance Department
465 - Viatical Settlements
Section 38a-465-6 - Amounts payable to owner
Universal Citation: CT Reg of State Agencies 38a-465-6
Current through March 14, 2024
(a) Payment of the proceeds of a life settlement contract shall be made by means of wire transfer to the account of the owner or by certified check or cashier's check.
(b) Payment of the proceeds to the owner pursuant to a life settlement contract shall be made in a lump sum except where the provider has purchased an annuity or similar financial instrument issued by a licensed insurance company or bank, or an affiliate of either. Retention of a portion of the proceeds by the provider or escrow agents is not permissible.
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