9.__Investigative authority of superintendent. In addition to the authority granted pursuant to section 220, the superintendent may investigate persons engaged in the business of settlements and persons suspected of engaging in fraudulent viatical or life settlement acts.

§6808. Disclosure

A viatical With each application for a settlement, a settlement provider or independent viatical producer shall disclose in writing at least the following information disclosures to the viator prior to the date the viatical settlement contract is signed by the a viator:.__Disclosure to a viator must include distribution of a brochure, approved by the superintendent, describing the process of settlements. The disclosures must be provided__to the viator no later than the time the application for the settlement contract is signed by all parties and must be signed by the viator and the settlement provider and provide the following information:

1. Alternatives or options. Possible alternatives to or options that can be used in conjunction with viatical settlement contracts for persons with catastrophic or life-threatening illnesses, including, but not limited to, accelerated death benefits or policy loans offered by the issuer of the life insurance policy;

2. Federal tax implications. The fact that some or all of the proceeds of the viatical settlement contract may be free from federal income tax under the federal Health Insurance Portability and Accountability Act of 1996, Public Law 104-191; and that restrictions, qualifications and other tax laws, particularly those of the state in which the viator resides, may apply and assistance should be sought from a professional tax advisor;

3. State tax implications. The fact that some or all of the proceeds of the viatical settlement may be free from state income tax under section 6809; and that restrictions, qualifications and other tax laws, including those of the State state in which the viator resides, may apply and assistance should be sought from a professional tax advisor;

4. Claims of creditors. The fact that proceeds of the viatical settlement could be subject to the claims of creditors;