LD 1907
pg. 37
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LR 2724
Item 1

 
investigate and examine possible violations of law and to
take appropriate action against wrongdoers.

 
8.__Viatical or life settlement antifraud initiatives. In
accordance with this subsection, a settlement provider licensee
must have in place antifraud initiatives reasonably calculated to
detect, prosecute and prevent fraudulent viatical or life
settlement acts.

 
A.__At the discretion of the superintendent, the
superintendent may order, or a licensee may request and the
superintendent may grant, such modifications of the required
initiatives under paragraph B as necessary to ensure an
effective antifraud program. The modifications may be more
or less restrictive than the required initiatives as long as
the modifications may reasonably be expected to accomplish
the purpose of this subsection.

 
B.__Antifraud initiatives must include:

 
(1)__Fraud investigators, who may be employees of a
settlement provider or independent contractors; and

 
(2)__An antifraud plan, which must be submitted to the
superintendent. The antifraud plan must include, but is
not limited to:

 
(a) A description of the procedures for detecting
and investigating possible fraudulent viatical or
life settlement acts and procedures for resolving
material inconsistencies between medical records
and insurance applications;

 
(b) A description of the procedures for reporting
possible fraudulent viatical or life settlement
acts to the superintendent;

 
(c) A description of the plan for antifraud
education and training of underwriters and other
personnel; and

 
(d) A description or chart outlining the
organizational arrangement of the antifraud
personnel who are responsible for the
investigation and reporting of possible fraudulent
viatical or life settlement acts and investigating
unresolved material inconsistencies between
medical records and insurance applications.


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