2015 Idaho Statutes
Title 41 - INSURANCE
Chapter 19 - LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS
Section 41-1954 - REPORTING REQUIREMENTS AND PRIVACY.

41-1954. Reporting Requirements and Privacy. (1) Each life settlement provider shall file with the director, on or before March 1 of each year, an annual statement containing such information on a form prescribed by the director or as prescribed by rule. Such information shall be limited to only those transactions where the owner is a resident of this state.

(2) Except as otherwise allowed or required by law, a life settlement provider, life settlement broker, insurance company, insurance producer, information bureau, rating agency or company, or any other person with actual knowledge of an insured’s identity, shall not disclose that identity as an insured, or the insured’s financial or medical information to any other person unless the disclosure is:

(a) Necessary to effect a life settlement between the owner and a life settlement provider and the owner and insured have provided prior written consent to the disclosure;

(b) Provided in response to an investigation or examination by the director or any other governmental officer or agency;

(c) A term of or condition to the transfer of a policy by one (1) life settlement provider to another life settlement provider;

(d) Necessary to permit a financing entity, related provider trust or special purpose entity to finance the purchase of policies by a life settlement provider and the owner and insured have provided prior written consent to the disclosure;

(e) Necessary to allow the life settlement provider or life settlement broker or their authorized representatives to make contacts for the purpose of determining health status;

(f) Required to purchase stop loss coverage or financial guaranty insurance; or

(g) Permitted by any other provision of applicable law.

History:

[41-1954, added 2009, ch. 69, sec. 1, p. 197.]