Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.03.02 - LIFE SETTLEMENTS › Section 18.03.02.015 - DISCLOSURES TO OWNER

Current through August 31, 2023
01.
Disclosure to Owner Upon Application
. A broker or provider will
			 not provide an owner with an application for a life settlement contract unless
			 the owner has also been provided a disclosure form containing all the
			 information requisite by Idaho Code, 41-1956 and in substantially the same form
			 as the sample form found on the Department website. The disclosures are
			 provided in a separate document in at least twelve (12) point font. Each page
			 of the disclosure document is initialed by the owner indicating that it has
			 been received and read by the owner, and the final page is dated and signed by
			 the owner and the broker or provider that delivered the disclosure document to
			 the owner. (3-31-22)
02.
Disclosures to Owner by Provider Upon Settlement
. Prior to the
			 time an owner signs a life settlement contract, the provider will provide the
			 owner a disclosure form containing all the information prescribed by Idaho Code
			 41-1957 and in substantially the same form as the sample form found on the
			 Department website. The disclosures may be made by a separate document or
			 included as a part of the life settlement contract. If the disclosures are
			 included in the life settlement contract, they are conspicuously displayed in
			 the contract by segregating the disclosures from the rest of the contract on a
			 separate page or as a separate section using at least twelve (12) point font
			 and with a heading in bold font stating: "Important Disclosures Required by
			 Law." Each disclosure page of the life settlement contract is initialed by the
			 owner indicating that the owner has read the page. If the disclosures are
			 provided in a separate document, each page of the document will be initialed by
			 the owner and the final page needs to be dated and signed by the owner and the
			 provider. (3-31-22)
03.
Disclosure to Owner by Broker Upon Settlement
. Prior to the time
			 an owner signs a life settlement contract, the broker will provide the owner a
			 disclosure form containing all the information prescribed in Idaho Code 41-1958
			 and in substantially the same form as the sample form found on the Department
			 website. The disclosures may be made by a separate document or included as a
			 part of the life settlement contract. If the disclosures are included in the
			 life settlement contract, they are conspicuously displayed in the contract by
			 segregating the disclosures from the rest of the contract on a separate page or
			 as a separate section using at least twelve (12) point font, and a heading in
			 bold font stating: "Important Disclosures Required by Law." Each disclosure
			 page of the life settlement contract is initialed by the owner indicating that
			 the owner has read the page. If the disclosures are provided in a separate
			 document, each page of the document needs to be initialed by the owner and the
			 final page dated and signed by the owner and the broker. (3-31-22)
04.
Affiliations Disclosed
. As a
			 part of the disclosures in this Section, a provider discloses in writing to the
			 owner any affiliation between the provider and the issuer of the insurance
			 policy to be settled, and a broker discloses in writing any affiliation or
			 contractual arrangement between the broker and any person making an offer in
			 connection with a proposed life settlement contract. (3-31-22)