The commissioner shall have the authority to promulgate legislative rules, including emergency rules, implementing this article, pursuant to article three, chapter twenty-nine-a of this code. Such rules may include standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill; 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 that is chronically or terminally ill; and provisions 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.
Structure West Virginia Code
Article 13C. Viatical Settlements Act
§33-13C-3. License and Bond Requirements
§33-13C-4. License Revocation and Denial
§33-13C-5. Approval of Viatical Settlement Contracts and Disclosure Statements
§33-13C-6. Reporting Requirements and Privacy
§33-13C-7. Examination or Investigation
§33-13C-8. Disclosure to Viator
§33-13C-9. Disclosure to Insurer
§33-13C-11. Prohibited Practices
§33-13C-12. Prohibited Practices and Conflicts of Interest
§33-13C-13. Advertising for Viatical Settlements
§33-13C-14. Fraud Prevention and Control
§33-13C-15. Injunctions; Civil Remedies; Cease and Desist
§33-13C-16. Criminal Penalties