Current through Register Vol. 39, No. 6, September 16, 2024
(a) On June 1 of
each calendar year, each licensed provider shall make a report of all viatical
settlement transactions in which the viators are residents of this State. The
report shall contain the following information for the previous calendar year:
(1) For each viatical settlement entered into
during the reporting period:
(A) Date of
viatical settlement contract;
(B)
Viator's state of residence at the time of the contract;
(C) Life expectancy of the insured at the
time of contract in months;
(D)
Face amount of policy viaticated;
(E) Net death benefit viaticated;
(F) Estimated total premiums to keep policy
in force for mean life expectancy;
(G) Net amount paid to viator;
(H) Source of policy (B-Broker; D-Direct
Purchase; O-Purchased from individual or entity other than the original
viator);
(I) Type of coverage
(I-Individual or G-Group);
(J)
Whether or not the viatical settlement was entered into during the policy's
contestable or suicide period, or both;
(K) Classification of the viator's or
insured's diseases or injuries:
(i)
Cardiovascular diseases;
(ii)
Diseases of the central nervous system;
(iii) Diseases of the peripheral nervous
system;
(iv) Elders with
nonspecific disease processes;
(v)
Infectious diseases and autoimmune diseases;
(vi) Liver and renal diseases;
(vii) Neoplasms;
(viii) Non-neoplastic pulmonary
diseases;
(L) Type of
funding (P-purchaser; L-licensee; I-accredited investor; F-financing entity;
S-special purpose entity; R-related provider trust); and
(M) Rating of insurer that issued the policy
at the time the policy was viaticated.
(2) For viatical settlements where death has
occurred during the reporting period:
(A)
Date of viatical settlement contract;
(B) Viator's state of residence at the time
of the contract;
(C) Life
expectancy of the insured at the time of contract in months;
(D) Net death benefit collected;
(E) Total premiums paid to maintain the
policy (WP-Waiver of Premium; NA-Not Applicable);
(F) Net amount paid to viator;
(G) Classification of the viator's or
insured's diseases or injuries:
(i)
Cardiovascular diseases;
(ii)
Diseases of the central nervous system;
(iii) Diseases of the peripheral nervous
system;
(iv) Elders with
nonspecific disease processes;
(v)
Infectious diseases and autoimmune diseases;
(vi) Liver and renal diseases;
(vii) Neoplasms;
(viii) Non-neoplastic pulmonary
diseases;
(H) Date of
death;
(I) Amount of time between
date of contract and date of death in months;
(J) Difference between the number of months
that passed between the date of contract and the date of death and the mean
life expectancy in months as determined by the reporting company;
(K) Type of coverage (I-Individual or
G-Group); and
(L) Whether or not
the viatical settlement was entered into during the policy's contestable or
suicide period, or both;
(3) Name and address of each viatical
settlement broker through whom the reporting provider purchased a policy from a
viator who resided in this State at the time of contract; and
(4) Number of policies purchased from an
individual or entity other than the original viator as a percentage of total
policies purchased.
(b)
On June 1 of each calendar year, each licensed broker shall make an annual
report of all viatical settlement transactions during the previous calendar
year in which the viators are residents of this State. The report shall be in
the format prescribed by the NAIC in Appendix D of the model regulation. A copy
of the format may be obtained from the Division.
