Indiana Code 27-8-19.8-5. “Viatical settlement provider” defined
Current as of: 2023 | Check for updates
|
Other versions
Sec. 5. (a) As used in this chapter, “viatical settlement provider” means a person, other than a viator, that:
(2) obtains financing for the purchase, acquisition, transfer, or other assignment of one (1) or more viatical settlement contracts, viaticated policies, or interests in such a contract or policy, or otherwise sells, assigns, transfers, pledges, hypothecates, or disposes of one (1) or more viatical settlement contracts, viaticated policies, or interests in such a contract or policy.
(1) enters into a viatical settlement contract with a viator; or
Terms Used In Indiana Code 27-8-19.8-5
- Contract: A legal written agreement that becomes binding when signed.
- person: means an individual, an association, a corporation, a limited liability corporation, an estate, a partnership, a trust, or any other business or legal entity. See Indiana Code 27-8-19.8-7
- 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.
- viator: refers to the owner of a life insurance policy or a certificate holder under a group policy that insures the life of an insured who enters or seeks to enter into a viatical settlement contract. See Indiana Code 27-8-19.8-8
(b) The term does not include any of the following:
(1) A bank, savings bank, savings association, credit union, or other licensed lending institution that takes an assignment of a life insurance policy as collateral for a loan.
(2) The issuer of a life insurance policy that makes a policy loan, permits surrender of the policy, or pays other policy benefits, including accelerated benefits, in accordance with the terms of the policy.
As added by P.L.130-1994, SEC.47 and P.L.116-1994, SEC.70. Amended by P.L.32-1998, SEC.5; P.L.79-1998, SEC.32; P.L.136-2018, SEC.199.