Louisiana Revised Statutes 22:1804 – Authority to adopt regulations
Terms Used In Louisiana Revised Statutes 22:1804
- Bequest: Property gifted by will.
- Chronically ill: means :
(a) Being unable to perform at least two activities of daily living (i. See Louisiana Revised Statutes 22:1791
- Devise: To gift property by will.
- 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. 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.
The commissioner shall have the authority to:
(1) Adopt regulations implementing this Part in accordance with the Administrative Procedure Act, La. Rev. Stat. 49:950 et seq.;
(2) Establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill. This authority includes but is not limited to regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a life insurance policy;
(3) Establish appropriate licensing requirements and standards for continued licensure for viatical settlement providers, brokers, and investment agents;
(4) Require a bond or other mechanism for financial accountability for viatical settlement providers and brokers; and
(5) Adopt rules governing the relationship and responsibilities of both insurers and viatical settlement providers, viatical settlement brokers, and viatical settlement investment agents during the viatication of a life insurance policy or certificate.
Acts 2003, No. 343, §1; Redesignated from La. Rev. Stat. 22:200 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
NOTE: Former La. Rev. Stat. 22:1804 redesignated as La. Rev. Stat. 22:365 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.