Section 7516 - Authority to promulgate regulationsThe Commissioner has the authority to:
(1) Promulgate regulations implementing this chapter.(2) Establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill. This authority includes 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 insuring the life of a person that is chronically or terminally ill.(3) Establish appropriate licensing requirements, fees, and standards for continued licensure for viatical settlement providers and viatical settlement brokers.(4) Require a bond or other mechanism for financial accountability for viatical settlement providers.(5) Adopt rules governing the relationship and responsibilities of both insurers and viatical settlement providers and viatical settlement brokers during the viatication of a life insurance policy or certificate.Amended by Laws 2021, ch. 20,s 2, eff. 6/3/2021.Added by Laws 2017, ch. 172,s 1, eff. 9/14/2017.