LD 1907
pg. 15
Page 14 of 38 An Act To Govern and Regulate Life Settlements Page 16 of 38
Download Bill Text
LR 2724
Item 1

 
accept an examination report on the licensee as prepared by
the superintendent of insurance for the licensee's state of
domicile or port-of-entry state.

 
2. Confidential information. Names and individual
identification data for all viators are confidential information
and may not be disclosed by the superintendent unless required by
law.

 
3. Records. Records of all viatical settlement transactions
must be maintained by the settlement provider licensee and,
subject to the provisions of section 6806, must be available to
the superintendent for 3 years after policy maturity for
inspection during reasonable business hours in accordance with
this subsection.

 
A.__A settlement provider required to be licensed by this
chapter shall retain for 5 years copies of all:

 
(1)__Proposed, offered or executed settlement
contracts, settlement purchase agreements, underwriting
documents, policy forms and applications from the date
of the proposal, offer or execution of the settlement
contract or settlement purchase agreement, whichever is
later;

 
(2)__Checks, drafts or other evidence and documentation
related to the payment, transfer, deposit or release of
funds from the date of the transaction; and

 
(3)__Other records and documents related to the
requirements of this chapter.

 
B.__This subsection does not relieve a settlement provider
licensee of the obligation to produce these documents to the
superintendent after the retention period has expired if the
person has retained the documents.

 
C.__Subject to the provisions of section 6806, records
required to be retained by this subsection must be legible
and complete and may be retained in paper, photographic,
microprocess, magnetic, mechanical or electronic media or by
any process that accurately reproduces or forms a durable
medium for the reproduction of a record.

 
4. Immunity. A licensee responding to an order of the
superintendent issued pursuant to this section is immune from any
civil action arising out of compliance with the order and is not
required to challenge the authority or validity of the order as a


Page 14 of 38 Top of Page Page 16 of 38