Louisiana Revised Statutes 22:1794 – Approval of viatical settlement contracts and disclosure statements
Terms Used In Louisiana Revised Statutes 22:1794
- Advertising: means any written, electronic, or printed communication or any communication by means of recorded telephone messages or transmitted on radio, television, the internet, or similar communications media, including film strips, motion pictures, and videos published, disseminated, circulated, or placed before the public, directly or indirectly, for the purpose of creating an interest in or inducing a person to purchase or sell a life insurance policy or an interest in a life insurance policy pursuant to a viatical settlement contract or a viatical settlement purchase agreement. See Louisiana Revised Statutes 22:1791
- Contract: A legal written agreement that becomes binding when signed.
- Person: means a natural person or a legal entity, including but not limited to an individual, partnership, limited liability company, association, trust, or corporation. See Louisiana Revised Statutes 22:1791
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Viatical settlement contract: means 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. See Louisiana Revised Statutes 22:1791
- Viator: means the owner of a life insurance policy or a certificate holder under a group policy who enters or seeks to enter into a viatical settlement contract. See Louisiana Revised Statutes 22:1791
A person shall not use a viatical settlement contract or provide to a viator a disclosure statement form or use any advertising material in this state unless filed with and approved by the commissioner. The commissioner shall disapprove a viatical settlement contract form, disclosure statement form, or advertising if, in the commissioner’s opinion, the contract or advertising material or provisions contained therein are unreasonable, contrary to the interests of the public, otherwise misleading or unfair to the viator, or otherwise in violation of this Part. Each submission for approval shall be accompanied by a fee as required in La. Rev. Stat. 22:821.
Acts 2003, No. 343, §1; Redesignated from La. Rev. Stat. 22:192.1 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.