A. It is a violation of this chapter for any person, provider, broker or party related to the business of life settlements to commit a fraudulent life settlement act.

Terms Used In Arizona Laws 20-3215

  • Business of life settlements: includes offering to enter into, soliciting, negotiating, procuring, effectuating, monitoring or tracking of life settlement contracts. See Arizona Laws 20-3201
  • Fraud: Intentional deception resulting in injury to another.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Person: means an individual or business entity. See Arizona Laws 20-3201
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • 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.

B. A person who commits a fraudulent life settlement act is guilty of committing insurance fraud and is subject to Section 20-466.01.

C. The director may seek an injunction and an order of restitution and may levy a civil penalty pursuant to Section 20-466.02 on any person who is licensed pursuant to this chapter and who is found to have committed a fraudulent life settlement act or to have violated any other provision of this chapter.

D. The director may deny, suspend for not more than twelve months, revoke or refuse to renew the license of a person who commits a fraudulent life settlement act.

 

  Previous section
Next section  
 Article 1 Contents