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(a) A viatical settlement provider, viatical settlement broker, or viatical settlement representative may not pay or offer to pay a finder's fee, commission, or other compensation to
(1) an insured's physician;
(2) an attorney, accountant, or other person providing medical, legal, or financial planning services to the viator; or
(3) a person acting as an agent of the viator with respect to the viatical settlement transaction.
(b) A viatical settlement provider may not knowingly solicit as an investor a person who has treated or has been asked to treat the illness of the insured whose coverage would be the subject of the investment.
(c) Before the execution of a viatical settlement contract, a viatical settlement provider shall first obtain
(1) if the viator is the insured, a written statement from a licensed attending physician that the viator is of sound mind and under no constraint or undue influence to enter into or effectuate a viatical settlement contract;
(2) a witnessed document signed by the viator and the insured
(A) stating that the viator consents to the viatical settlement contract;
(B) representing that the viator and the insured have a full and complete understanding of the viatical settlement contract;
(C) representing that the viator has a full and complete understanding of the benefits of the life insurance policy;
(D) acknowledging that the viator entered into the viatical settlement contract freely and voluntarily; and
(E) acknowledging that, if the insured has a terminal or chronic illness or condition, the terminal or chronic illness or condition was diagnosed after the life insurance policy was issued; and
(3) a witnessed document signed by the viator stating that the insured consents to the release of the insured's medical records to
(A) a viatical settlement provider or viatical settlement broker; and
(B) the insurance company that issued the life insurance policy covering the life of the insured.
(d) Within 20 days after a viator executes documents necessary to transfer rights under a life insurance policy, or within 20 days after entering an agreement, option, promise, or other form of understanding to viaticate a life insurance policy, whichever is earlier, a viatical settlement provider shall
(1) give written notice to the insurance company that issued the life insurance policy subject to the viatical settlement contract that the life insurance policy is or will be viaticated; and
(2) deliver a copy of the medical release required in (c)(3) of this section, a copy of the viator's application for the viatical settlement contract, and the notice required in (1) of this subsection to the insurance company that issued the life insurance policy to be viaticated.
History: Eff. 8/25/2002, Register 163
Authority: AS 21.06.090
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Last modified 7/05/2006