Source: https://www.hitpages.com/doc/4509766931972096/332/
Timestamp: 2016-10-28 02:50:45
Document Index: 155281028

Matched Legal Cases: ['§3903', '§3905', '§3907', '§3909', '§3911', '§3913']

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producers and the filing of the annual report required under Title 22, the Louisiana Insurance Code, specifically R.S. 22:193.A.
AUTHORITY NOTE:Promulgated in accordance with R.S. 22:3, 22:200.
HISTORICAL NOTE:Promulgated by the Department of Insurance, Office of the Commissioner, LR 35:
§3903.Authority
A.Regulation 58 is issued pursuant to the authority vested in the Commissioner of Insurance of the State of Louisiana under R.S. 22:3, and R.S. 22:200.
§3905.Life and/or Annuity Producers Acting as Brokers A.Pursuant to R.S. 22:191.1.A(1) any person licensed as a life or annuity producer acting as viatical settlement broker shall be subject to all provisions of this Part.
B.A life insurance producer licensed in Louisiana who wishes to operate as a viatical settlement broker shall:
1.Notify the Commissioner of Insurance, in writing, of their intent to act as a viatical settlement broker.
2.The notice shall include:
a.the full name and life insurance producer number of the entity which will be acting as a viatical settlement broker;
b.if a corporation, partnership, limited liability company or other non-natural person the full name and individual license number of each person in the entity which will be acting as a viatical settlement broker on behalf of the entity.
3.The notice shall be signed by the producer, if a natural person or, if a corporation, partnership, limited liability or other non-natural person, an authorized officer or other such representative of the entity.
C.The producer shall be deemed acting as a viatical settlement broker and subject to all requirements of the Viatical Settlement Act, including but not limited to the requirement for the filing of an annual report, until such time as that producer has notified the department, in writing, of their intent to no longer act as a viatical settlement broker.
AUTHORITY NOTE:Promulgated in accordance with R.S. 22:3, 22:200
§3907.Annual Reports A.Regulation 58 shall be applicable to all annual reports filed with the department after the effective date of Regulation 58.
B.Annual reports shall be filed on or before March 1 of each year for the period of January 1 to December 31 of the previous year.
C.An annual report must be filed regardless of whether there were any transactions to report from the previous year.
D.The following entities are required to file an annual report:
1.viatical settlement providers;
2.viatical settlement brokers and all licensed insurance producers acting as viatical settlement brokers pursuant to R.S. 22:191.1.A.(1); and
3.viatical settlement investment agents.
E.All annual reports shall be on forms provided by the commissioner.
§3909.Viatical Settlement Provider Annual Report
A.The annual report shall include the following information for each policy viaticated in the reporting year:
1.the date the viatical contract was entered into;
2.the life expectancy of the insured at the time of the viatical contract;
3.the full legal name and the NAIC number of the insurance company which issued the policy;
4.the face amount of the insurance policy that was the subject of the transaction;
5.the original issue date of the insurance policy that was the subject of the transaction;
6.the amount paid to the viator by the viatical settlement provider;
7.the full name of any viatical settlement brokers involved in the transaction;
8.if the insured has died then the following is required:
a.the insured's date of death;
b.the total amount of any insurance premiums paid by the viatical settlement provider to maintain the policy in force.
§3911.Viatical Settlement Broker Annual Report
A.The annual report shall include the following information:
1.the number of policies for which the broker attempted to locate a buyer;
2.for those policies purchased by a viatical settlement provider the following is required:
a.the date the viatical contract was entered into;
b.the full name of the viatical settlement provider(s) that purchased the policy;
c.the full name of the insurance company which issued the policy; and
d.the face amount of the insurance policy.
§3913.Viatical Settlement Investment Agent Annual Report
1.the full name of all viatical settlement providers for which funding was sought;
2.the total amount of funding secured for each viatical settlement provider.
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