W. Va. Code R. § 114-80-6

Current through Register Vol. XLI, No. 49, December 6, 2024

Section 114-80-6 - Reporting Requirements

6.1. On or before March 1 of each year, each licensed provider shall make an annual report of all viatical settlement contract transactions in which the viators were residents at the time the contract was initiated. Relocation out of state by a viator does not relieve the licensed provider from reporting transaction activities for such viator. The report shall contain the following information for the previous calendar year:

6.1.a. For each viatical settlement contract entered into during the reporting period:

6.1.a.1. Date of viatical settlement contract;

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

6.1.a.3. Life expectancy of the insured at the time of contract in months;

6.1.a.4. Face amount of policy viaticated;

6.1.a.5. Net death benefit viaticated;

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

6.1.a.7. Net amount paid to viator;

6.1.a.8. Source of policy (B-Broker, D-Direct Purchase);

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

6.1.a.10. Whether or not the viatical settlement contract was entered into during the policy's contestable or suicide period, or both;

6.1.a.11. Classification of the viator's or insured's diseases or injuries:

6.1.a.11.A. Cardiovascular diseases;

6.1.a.11.B. Diseases of the central nervous system;

6.1.a.11.C. Diseases of the peripheral nervous system;

6.1.a.11.D. Elders with nonspecific disease processes;

6.1.a.11.E. Infectious diseases and autoimmune diseases;

6.1.a.11.F. Liver and renal diseases;

6.1.a.11.G. Neoplasms;

6.1.a.11.H. Non-neoplastic pulmonary diseases;

6.1.a.12. Type of funding for viatical settlement contracts (P-purchaser, L-licensee, I-accredited investor, F-financing entity, S-special purpose entity, R-related provider trust); and

6.1.a.13. Rating of insurer that issued the policy at the time the policy was viaticated.

6.1.b. In addition to the requirements stated in subdivision a of this subsection, when death has occurred the following information should also be provided:

6.1.b.1. In place of the net death benefit viaticated provided in paragraph 5, subdivision a of this subsection the net death benefit collected;

6.1.b.2. In place of the estimated total premiums to keep the policy in force for the mean life expectancy provided in paragraph 6, subdivision a of this subsection, the total of the premiums paid to maintain the policy;

6.1.b.3. Date of death;

6.1.b.4. 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;

6.1.b.5. Type of coverage (I-Individual or G-Group); and

6.1.b.6. Whether or not the viatical settlement contract was entered into during the policy's contestable or suicide period, or both;

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

6.1.d. Number of policies purchased from an individual or entity other than the original viator as a percentage of total policies purchased.

6.2. On March 1 of each year, each licensed broker and each insurance producer whose viatical settlement activities are incidental to their business activities shall make an annual report of all viatical settlement contract transactions during the previous year in which the viators were residents of this state at the time the contract was initiated. The report shall be in the format on the Insurance Commission website.

W. Va. Code R. § 114-80-6