Indiana Code
Chapter 19.8. Viatical Settlements
27-8-19.8-24. Prerequisites to Viatical Settlement Contract

Sec. 24. A viatical settlement provider shall obtain the following before entering into a viatical settlement contract:
(1) If the viator is the insured, a written statement from a licensed attending physician that the insured is of sound mind and under no constraint or undue influence.
(2) A document signed by the viator and witnessed by two (2) disinterested witnesses in which the viator does the following:
(A) Consents to the viatical settlement contract.
(B) If the insured has a catastrophic or life threatening illness or condition, acknowledges the catastrophic or life threatening illness or condition.
(C) Represents that the viator has a full and complete understanding of the viatical settlement contract.
(D) Represents that the viator has a full and complete understanding of the benefits of the life insurance policy.
(E) Acknowledges that the viator has entered into the viatical settlement contract freely and voluntarily.
(F) Discloses the identity of any person that served as a viatical settlement broker in connection with the viatical settlement contract.
(3) A document in which the insured consents to the release of the insured's medical records.
As added by P.L.130-1994, SEC.47 and P.L.116-1994, SEC.70. Amended by P.L.32-1998, SEC.25; P.L.223-2005, SEC.8.

Structure Indiana Code

Indiana Code

Title 27. Insurance

Article 8. Life, Accident, and Health

Chapter 19.8. Viatical Settlements

27-8-19.8-1. "Applicant" Defined

27-8-19.8-2. "Department" Defined

27-8-19.8-3. "Insured" Defined

27-8-19.8-4. Repealed

27-8-19.8-4.3. "Viatical Settlement Agent" Defined

27-8-19.8-4.5. "Viatical Settlement Broker" Defined

27-8-19.8-5. "Viatical Settlement Provider" Defined

27-8-19.8-6. "Viatical Settlement Contract" Defined

27-8-19.8-6.5. "Viaticated Policy" Defined

27-8-19.8-7. "Person" Defined

27-8-19.8-7.8. "Stranger Originated Life Insurance" Defined

27-8-19.8-8. "Viator" Defined

27-8-19.8-8.5. Persons Required to Be Licensed as Insurance Producer With Life Qualification

27-8-19.8-8.6. Exemptions From Licensing Requirement

27-8-19.8-8.7. Fiduciary Duties of Viatical Settlement Brokers

27-8-19.8-9. License Required for Viatical Settlement Providers

27-8-19.8-9.2. Insurance Producer Remuneration

27-8-19.8-10. Application and Fee for License

27-8-19.8-11. Investigation of Applicant; Issuance of License

27-8-19.8-12. Refusal to Issue License

27-8-19.8-13. Nonresident Licenses

27-8-19.8-14. Individuals Authorized to Act as Viatical Settlement Benefits Providers

27-8-19.8-15. Expiration and Renewal of License

27-8-19.8-16. Disclosure of Identity of Individuals Associated With Viatical Settlement Providers

27-8-19.8-17. Annual Reports

27-8-19.8-18. Examination of Viatical Settlement Provider or Applicant

27-8-19.8-19. Suspension, Revocation, or Refusal to Renew License

27-8-19.8-20. Repealed

27-8-19.8-20.1. Stranger Originated Life Insurance; Prohibition

27-8-19.8-21. Required Terms of Viatical Settlement Contract

27-8-19.8-22. Form for Viatical Settlement Contract

27-8-19.8-23. Required Disclosures to Viator; Information to Insured

27-8-19.8-24. Prerequisites to Viatical Settlement Contract

27-8-19.8-24.2. Payment of Proceeds of Settlement to Trust or Escrow Account; Transfer of Proceeds of Settlement to Viator

27-8-19.8-24.7. Disclosure of Identity of Viator

27-8-19.8-24.8. Applicability of Ic 16-39 to Release of Insured's Medical Records

27-8-19.8-24.9. Contacts With Insured for Purpose of Determining Health Status

27-8-19.8-25. Standards for Evaluation of Reasonableness of Payments Under Viatical Settlement Contract

27-8-19.8-26. Adoption of Rules