2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 508E - VIATICAL SETTLEMENT CONTRACTS
508E.4 - LICENSE REVOCATION AND DENIAL.

        508E.4  LICENSE REVOCATION AND DENIAL.
         1.  The commissioner may refuse to issue, suspend, revoke, or
      refuse to renew the license of a viatical settlement provider or
      viatical settlement broker if the commissioner finds that any of the
      following applies:
         a.  There was any material misrepresentation in the
      application for the license.
         b.  The licensee or any officer, partner, member, or key
      management personnel has been convicted of fraudulent or dishonest
      practices, is subject to a final administrative action, or is
      otherwise shown to be untrustworthy or incompetent.
         c.  The viatical settlement provider demonstrates a pattern of
      unreasonable payments to viators.
         d.  The licensee or any officer, partner, member, or key
      management personnel has been found guilty of, or has pleaded guilty
      or nolo contendere to, any felony, or to a misdemeanor involving
      fraud or moral turpitude, regardless of whether a judgment of
      conviction has been entered by the court.
         e.  The viatical settlement provider has entered into any
      viatical settlement contract form that has not been approved pursuant
      to this chapter.
         f.  The viatical settlement provider has failed to honor
      contractual obligations set out in a viatical settlement contract.
         g.  The licensee no longer meets the requirements for initial
      licensure.
         h.  The viatical settlement provider has assigned,
      transferred, or pledged a viaticated policy to a person other than a
      viatical settlement provider licensed in this state, viatical
      settlement purchaser, an accredited investor, or qualified
      institutional buyer as defined respectively in 17 C.F.R. § 230.501(a)
      or 17 C.F.R. § 230.144A as promulgated by the United States
      securities and exchange commission under the federal Securities Act
      of 1933, as amended, 15 U.S.C. § 77a et seq., a financing entity,
      special purpose entity, or related provider trust.
         i.  The licensee or any officer, partner, member, or key
      management personnel has violated any provision of this chapter.
         2.  The commissioner may suspend, revoke, or refuse to renew the
      license of a viatical settlement broker or a life insurance producer
      operating as a viatical settlement broker pursuant to this chapter if
      the commissioner finds that the viatical settlement broker or life
      insurance producer has violated the provisions of this chapter or has
      otherwise engaged in bad faith conduct with one or more viators.
         3.  If the commissioner denies a license application or suspends,
      revokes, or refuses to renew the license of a viatical settlement
      provider or viatical settlement broker, or suspends, revokes, or
      refuses to renew a license of a life insurance producer operating as
      a viatical settlement broker pursuant to this chapter, the
      commissioner shall conduct a hearing in accordance with chapter 17A.
      

         2000 Acts, ch 1147, §38; 2008 Acts, ch 1155, §4