Current through Register Vol. XLI, No. 38, September 20, 2024
10.1. The provider, upon
receipt of a completed application to viaticate and after determining the value to
be offered in return for the assignment or transfer of the death benefit or
ownership of a policy to the provider, shall deliver a proposal to the viator no
later than the date the contract for a viatical settlement contract is to be signed.
The proposal shall disclose the following information:
10.1.a. Amount of death benefit to be
viaticated;
10.1.b. Policy cash value
before deducting any loan;
10.1.c.
Policy net cash value after deducting any loan;
10.1.d. Policy death benefit less net cash
value;
10.1.e. Amount offered to
viator;
10.1.f. Whether any supplemental
benefit or benefits are present, will be continued and, if so, the source of premium
payment and the beneficiary of the proceeds of such supplemental benefit, and the
provider's interest in each benefit for the following:
10.1.f.1. Accidental death and dismemberment
benefit, including the amount of the benefit;
10.1.f.2. Disability income;
10.1.f.3. Waiver of premium or of monthly
deduction waiver;
10.1.f.4. Guaranteed
insurability options; or
10.1.f.5.
Children or spouse coverage;
10.1.g. Name of the insurer, and whether the
insurer does or does not have an accelerated death benefit program for which the
viator qualifies; and
10.1.h. That an
escrow agent shall provide escrow services to the parties pursuant to a written
agreement, signed by the viatical settlement provider, the viatical settlement
broker and the viator. All persons to receive any form of compensation under the
escrow agreement shall be clearly identified, including name, business address,
telephone number and tax identification number.
10.2. The provider shall disclose on the
application or in the brochure that the identity of the viator will not be disclosed
except under the permissible conditions set forth in W. Va. Code §
33-13C-6,
or as otherwise required by law. The provider shall provide an explanation of these
conditions found in W. Va. Code §
33-13C-6
to the viator.
