Section 760 IAC 1-61-10 - MiscellaneousAuthority: IC 27-8-19.8-26
Affected: IC 27-8-19.8
Sec. 10.
(a) A viatical settlement provider, agent, or broker shall not discriminate: (1) in the solicitation or making of viatical settlements on the basis of race, age, sex, national origin, creed, religion, occupation, marital or family status, or sexual orientation; or(2) between viators with dependents and without dependents.(b) A viatical settlement provider, agent, or broker shall not pay or offer to pay any finder's fee, commission, or other compensation to any insured's physician, or to an attorney, accountant, or other person providing medical, legal, financial planning, or social services to the viator, or to any other person acting as an agent of the viator with respect to the viatical settlement.(c) A viatical settlement provider shall not act also as a viatical settlement broker in the same viatical settlement, whether entitled to collect a fee, commission, or other compensation in the transaction.(d) A viatical settlement provider shall not knowingly solicit investors who have treated or have been asked to treat the illness, disease, or condition of the insured whose coverage would be the subject of the investment.(e) A viatical settlement agent, broker, or provider shall not disclose patient identifying information to any person, except in either of the following cases: (1) With the written consent of the viator and insured obtained prior to the disclosure of the information. The written consent must refer to the particular disclosure to be made and must be retained by the agent, broker, or provider for at least five (5) years after receipt.(2) In response to a subpoena provided that the viatical settlement agent, broker, or provider shall notify the viator and the insured of the existence of the subpoena in writing at the viator's and the insured's last known addresses within five (5) business days after receiving notice of the subpoena.(f) The following standards shall apply to any advertising regarding viatical settlement contracts: (1) Advertising related to the viatical settlement shall be truthful and not misleading by fact or implication.(2) If the advertiser emphasizes the speed with which the viatication will occur, the advertising must disclose the average time frame from completed application to the date of offer and from acceptance of the offer to receipt of the funds by the viator.(3) If the advertising emphasizes the dollar amounts available to viators, the advertising shall disclose the average purchase price as a percent of face value obtained by viators contracting with the advertiser during the previous six (6) months.Department of Insurance; 760 IAC 1-61-10; filed Oct 20, 1999, 10:23 a.m.: 23 IR 583; readopted filed Nov 7, 2005, 10:50 a.m.: 29 IR 896; readopted filed Nov 29, 2011, 9:14 a.m.: 20111228-IR-760110553RFAReadopted filed 11/6/2017, 1:06 p.m.: 20171206-IR-760170354RFAReadopted filed 11/13/2023, 10:12 a.m.: 20231213-IR-760230631RFA