North Carolina General Statutes 58-58-225. Reporting requirements and privacy
(a) Each licensee shall file with the Commissioner on or before June 1 of each year an annual statement containing such information as the Commissioner prescribes by administrative rule.
(b) Except as otherwise allowed or required by law, a provider, broker, insurance company, insurance producer, information bureau, rating agency or company, or any other person with actual knowledge of an insured’s identity shall not disclose that identity as an insured, or the insured’s financial or medical information, to any other person unless the disclosure:
(1) Is necessary to effect a viatical settlement between the viator and a provider and the viator and insured have provided prior written consent to the disclosure;
(2) Is provided in response to an investigation or examination by the Commissioner or any other governmental officer or agency or pursuant to the requirements of N.C. Gen. Stat. § 58-58-270;
(3) Is a term of or condition to the transfer of a policy by one provider to another provider;
(4) Is necessary to permit a financing entity, related provider trust, or special purpose entity to finance the purchase of policies by a provider and the viator and insured have provided prior written consent to the disclosure;
(5) Is necessary to allow the provider or broker or its authorized representatives to make contacts for the purpose of determining health status; or
(6) Is required to purchase stop-loss coverage. (2001-436, s. 3.)
Terms Used In North Carolina General Statutes 58-58-225
- broker: means a person that on behalf of a viator and for a fee, commission, or other valuable consideration offers or attempts to negotiate viatical settlement contracts between a viator and one or more viatical settlement providers. See North Carolina General Statutes 58-58-205
- Financing entity: means an underwriter, placement agent, lender, purchaser of securities, purchaser of a policy from a viatical settlement provider, credit enhancer, or any entity that has a direct ownership in a policy that is the subject of a viatical settlement contract, but:
- Policy: means an individual or group life insurance policy, group life insurance certificate, group life insurance contract, or any other 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 North Carolina General Statutes 58-58-205
- provider: means a person, other than a viator, that enters into or effectuates a viatical settlement contract on residents of this State or residents of another state from offices within this State. See North Carolina General Statutes 58-58-205
- Related provider trust: means a titling trust or other trust established by a licensed viatical 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. See North Carolina General Statutes 58-58-205
- 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.
- Special purpose entity: means a corporation, partnership, trust, limited liability company, or other similar entity formed solely to provide either directly or indirectly access to institutional capital markets for a financing entity or licensed viatical settlement provider. See North Carolina General Statutes 58-58-205
- Viator: means the owner of a policy or a certificate holder under a group policy who enters or seeks to enter into a viatical settlement contract. See North Carolina General Statutes 58-58-205