Tennessee Code 56-50-105 – Approval of viatical settlement contracts and disclosure statements
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Terms Used In Tennessee Code 56-50-105
- Advertising: means any written, electronic or printed communication or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet or similar communications media, including film strips, motion pictures and videos, published, disseminated, circulated or placed directly before the public in this state for the purpose of creating an interest in or inducing a person to purchase or sell, assign, devise, bequest or transfer the death benefit or ownership of a life insurance policy or to purchase or sell, assign, devise, bequest or transfer the death benefit or ownership of a life insurance policy pursuant to a viatical settlement contract. See Tennessee Code 56-50-102
- Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-50-102
- Contract: A legal written agreement that becomes binding when signed.
- Person: means a natural person or a legal entity, including, but not limited to, an individual, partnership, limited liability company, association, trust or corporation. See Tennessee Code 56-50-102
- 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.
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- Viatical settlement contract: includes a premium finance loan made for a life insurance policy by a lender to a viator on, before or after the date of issuance of the policy where:
(i) The viator or the insured receives on the date of the premium finance loan a guarantee of a future viatical settlement value of the policy. See Tennessee Code 56-50-102 - viator: includes , but is not limited to, an owner of a life insurance policy or a certificate holder under a group policy insuring the life of an individual with a terminal or chronic illness or condition except where specifically addressed. See Tennessee Code 56-50-102
A person shall not use a viatical settlement contract form or provide to a viator a disclosure statement form in this state unless first filed with and approved by the commissioner. The commissioner shall disapprove a viatical settlement contract form or disclosure statement form if, in the commissioner’s opinion, the contract or provisions contained in the contract fail to meet the requirements of this chapter, including, but not limited to §§ 56-50-108, 56-50-110, 56-50-113 and 56-50-114(b), or are unreasonable, contrary to the interests of the public or otherwise misleading or unfair to the viator. At the commissioner’s discretion, the commissioner may require the submission of advertising material prior to its use in this state.