508E.19 Authority to promulgate rules.
The commissioner shall have the authority to do all of the following:
1. Adopt rules implementing and administering this chapter.
2. Establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill. This authority includes but is not limited to regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a life insurance policy insuring the life of a person who is chronically or terminally ill.
3. Establish appropriate licensing requirements, fees, and standards for continued licensure for viatical settlement providers and brokers.
4. Require a bond or other mechanism for financial accountability for viatical settlement providers and viatical settlement brokers.
5. Adopt rules governing the relationship and responsibilities of both insurers and viatical settlement providers and viatical settlement brokers during the viatication of a life insurance policy or certificate.
2008 Acts, ch 1155, §19
Structure Iowa Code
Chapter 508E - VIATICAL SETTLEMENT CONTRACTS
Section 508E.1A - Authority of the commissioner.
Section 508E.3 - License requirements.
Section 508E.3A - Immunity from liability.
Section 508E.4 - License revocation and denial.
Section 508E.5 - Approval of viatical settlement contracts and disclosure statements.
Section 508E.6 - Reporting requirements and privacy.
Section 508E.7 - Examination or investigations.
Section 508E.8 - Disclosure to viator.
Section 508E.9 - Disclosure to insurer.
Section 508E.10 - General rules.
Section 508E.11 - Prohibited practices.
Section 508E.12 - Permitted practices.
Section 508E.13 - Prohibited practices and conflicts of interest.
Section 508E.14 - Advertising for viatical settlements.
Section 508E.15 - Fraud prevention and control.
Section 508E.16 - Injunctions — civil remedies — cease and desist orders — civil penalty.
Section 508E.17 - Unfair trade practices.
Section 508E.18 - Criminal penalties.