2016 New Jersey Revised Statutes
Title 17b - Insurance
Section 17B:30B-15 - Regulations, Authority Of Commissioner.
17B:30B-15 Regulations, authority of commissioner.
15.The commissioner shall have the authority to promulgate regulations implementing the provisions of this act pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) including, but not limited to, the following:
a.Establishing standards for evaluating reasonableness of payments under viatical settlement contracts for persons terminally or chronically ill;
b.Establishing appropriate licensing requirements, fees and standards for continued licensure for viatical settlement providers;
c.Requiring a bond or other mechanism for financial accountability for viatical settlement providers; and
d.Governing the relationship and responsibilities of insurers, viatical settlement providers, life insurance producers and others in the business of viatical settlements during the period of consideration or effectuation of a viatical settlement contract.
L.2005,c.229,s.15.
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