Print Print
  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE XXII CORPORATIONS
  • CHAPTER 175 INSURANCE
  • Section 215 Approval of life settlement contract form and disclosure statement form

[Text of section applicable as provided by 2012, 434, Sec. 4.]

Section 215. (a) No person shall use any form of life settlement contract or provide to an owner a disclosure statement form unless it has been filed with and approved by the commissioner. The commissioner shall disapprove a life settlement contract form or disclosure statement form if, in the commissioner’s opinion, the contract fails to meet the requirements of sections 219, 220, 222 and subsection (b) of section 223B or are unreasonable, contrary to the interests of the public or are otherwise misleading or unfair to the owner.

(b) No insurer shall, as a condition of responding to a request for verification of coverage or in connection with the transfer of a policy under a life settlement contract, require that the owner, insured, life settlement provider or life settlement broker sign any form, disclosure, consent, waiver or acknowledgment that has not been expressly approved by the commissioner for use in connection with a life settlement contract.