US Laws, Codes, Statutes & Cases

      Sec. 38a-465m. Regulations. Imposition of bond or other mechanism as proof of financial accountability. (a) The commissioner may adopt regulations, in accordance with the provisions of chapter 54, to implement the provisions of sections 38a-465 to 38a-465l, inclusive, and sections 38a-465n to 38a-465q, inclusive.

      (b) Such regulations may establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill. Such regulations may include, but are not limited to, the regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise or bequest of a benefit under a life insurance policy.

      (c) Such regulations may establish appropriate licensing requirements and standards for continued licensure for viatical settlement providers, viatical settlement brokers and viatical settlement investment agents.

      (d) The commissioner may require a bond or other mechanism for financial accountability for viatical settlement providers and brokers.

      (e) Such regulations may adopt rules governing the relationship and responsibilities of both insurers and viatical settlement providers, viatical settlement brokers and viatical settlement investment agents during the viatication of a life insurance policy or certificate.

      (P.A. 97-202, S. 16, 18; P.A. 99-145, S. 13, 23; P.A. 03-152, S. 9.)

      History: P.A. 97-202 effective January 1, 1998; P.A. 99-145 deleted references to Subsec. (a) of Sec. 38a-11 and Subdiv. (19) of Sec. 38a-816, effective June 8, 1999; P.A. 03-152 designated existing provisions as Subsec. (a), added reference therein to Secs. 38a-465n to 38a-465q re regulations, and added Subsecs. (b) to (e), inclusive, re scope of regulations and re bond or other mechanism for financial accountability.