19 Miss. Code. R. 2-15.06

Current through December 10, 2024

Rule 19-2-15.06 - Reporting Requirement

On March 1 of each calendar year, each viatical settlement provider licensed in this state shall make a report of all viatical settlement transactions where the viator is a resident of this state and for all states in the aggregate containing the following information for the previous calendar year:

A. For viatical settlements contracted during the reporting period:

1. Date of viatical settlement contract;

2. Viator's state of residence at the time of the contract;

3. Mean life expectancy of the insured at time of contract in months;

4. Face amount of policy viaticated;

5. Net death benefit viaticated;

6. Estimated total premiums to keep policy in force for mean life expectancy;

7. New amount paid to viator;

8. Source of policy (B-Broker, D-Direct Purchase; SM-Secondary Market);

9. Type of coverage (I-Individual or G-Group)

10. Within the contestable or suicide period, or both, at the time of viatical settlement (yes or no);

11. Primary ICD Diagnosis Code, in numeric format, as defined by the International classification of diseases, as published by the U.S. Department of Health and Human Services; and

12. Type of funding (I-Institutional; P-Private)

B. For viatical settlements where death has occurred during the reporting period:

1. Date of viatical settlement contract;

2. Viator's state of residence at the time of the contract;

3. Mean life expectancy of the insured at time of contract in months;

4. Net death benefit collected;

5. Total premiums paid to maintain the policy (WP- Waiver of Premium; NA-Not Applicable);

6. New amount paid to viator;

7. Primary ICD Diagnosis Code, in numeric format, as defined by the International Classification of Diseases, as published by the U.S. Department of Health and Human Services;

8. Date of death;

9. Amount of time between date of contract and the date of death in months;

10. Difference between the number of months that passed between the date of contract and the date of death and the mean life expectancy in months as determined by the reporting company;

11. Name and address of each viatical settlement broker through whom the reporting company purchased a policy from a viator who resided in this state at the time of contract;

12. Number of policies reviewed and rejected; and

13. Number of policies purchased in the secondary market as a percentage of total policies purchased.

19 Miss. Code. R. 2-15.06

Miss. Code Ann. §§ 83-7-211; 83-7-219 (Rev. 2011)