Sec. 19. After a hearing under IC 4-21.5, the department may suspend, revoke, or refuse to renew a viatical settlement provider’s license, or impose a civil penalty, or both, if the department finds any of the following:

(1) There was a misrepresentation in the application for the license.

Terms Used In Indiana Code 27-8-19.8-19

  • Contract: A legal written agreement that becomes binding when signed.
  • department: refers to the department of insurance. See Indiana Code 27-8-19.8-2
  • Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • 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 provider: means a person, other than a viator, that:

    Indiana Code 27-8-19.8-5

(2) The viatical settlement provider is untrustworthy or incompetent to act as a viatical settlement provider.

(3) The viatical settlement provider demonstrates a pattern of unreasonable payments to viators.

(4) The viatical settlement provider has been convicted of, or pleaded guilty or nolo contendere to, an offense the definition of which includes fraudulent acts as an element of the offense regardless of whether a judgement has been entered by the court.

(5) The viatical settlement provider no longer meets the requirements for initial licensure.

(6) The viatical settlement provider has failed to honor the contractual obligations of a viatical settlement contract.

(7) The viatical settlement provider has violated this chapter.

As added by P.L.130-1994, SEC.47 and P.L.116-1994, SEC.70. Amended by P.L.32-1998, SEC.21.

  Previous section
Next section  
 Chapter 19.8 Contents