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
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
27-8-19.8-4.3. "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
27-8-19.8-7.8. "Stranger Originated Life Insurance" 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
27-8-19.8-18. Examination of Viatical Settlement Provider or Applicant
27-8-19.8-19. Suspension, Revocation, or Refusal to Renew License
27-8-19.8-20.1. 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
27-8-19.8-24.7. 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