Section 221. The commissioner shall have the authority to:

(a) promulgate regulations implementing sections 212 to 223, inclusive;

(b) establish standards for evaluating the reasonableness of payments under viatical settlement or loan contracts, including authority to regulate discount rates used to determine the amount paid in exchange for assignments, transfer, sale, devise, or bequest of a benefit under a life insurance policy;

(c) establish appropriate licensing requirements, fees, and standards for viatical settlement and loan providers, viatical settlement and loan brokers, and viatical settlement and loan representatives;

(d) require a bond or other mechanism for financial accountability of viatical settlement or loan providers and establish the amount thereof; and

(e) adopt rules governing the relationship and responsibilities of insurers and viatical settlement and loan providers and viatical settlement and loan brokers during the viatication of a life insurance policy or certificate.