| | | D.__Recklessly entering into, brokering or otherwise dealing | | in a settlement contract, the subject of which is a life | | insurance policy that was obtained by presenting false | | information concerning any fact material to the policy or by | | concealing, for the purpose of misleading another, | | information concerning any fact material to the policy, when | | the viator or the viator's agent intended to defraud the | | policy's issuer. For the purposes of this paragraph, | | "recklessly" means engaging in conduct in consciously and | | clearly unjustifiable disregard of a substantial likelihood | | of the existence of the relevant facts or risks, such | | disregard involving a gross deviation from acceptable | | standards of conduct; or |
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| | | E.__Attempting to commit; assisting, aiding or abetting in | | the commission of; or conspiring to commit the acts or | | omissions specified in this subsection. |
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| | | 7.__Policy.__"Policy" means an individual or group policy, | | group certificate, contract or arrangement of life insurance | | affecting the rights of a resident of this State or bearing a | | reasonable relation to this State, regardless of whether | | delivered or issued for delivery in this State. |
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| | | 8.__Related provider trust.__"Related provider trust" means a | | titling trust or other trust established by a licensed settlement | | provider or a financing entity for the sole purpose of holding | | the ownership or beneficial interest in purchased policies in | | connection with a financing transaction. The trust must have a | | written agreement with the licensed settlement provider under | | which the licensed settlement provider is responsible for | | ensuring compliance with all statutory and regulatory | | requirements and under which the trust agrees to make all records | | and files related to settlement transactions available to the | | superintendent as if those records and files were maintained | | directly by the licensed settlement provider. |
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| | | 9.__Settlement contract.__"Settlement contract" means: |
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| | | A.__A written agreement establishing the terms under which | | compensation or anything of value will be paid, which | | compensation or value is less than the expected death | | benefit of the insurance policy or certificate, in return | | for the viator's assignment, transfer, sale, devise or | | bequest of the death benefit or ownership of any portion of | | the insurance policy or certificate of insurance; |
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| | | B.__A contract for a loan or other financing transaction | | with a viator secured primarily by an individual or group | | life insurance policy other than a loan by a life insurance |
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