N.J. Admin. Code § 11:4-35.16

Current through Register Vol. 56, No. 24, December 18, 2024

Section 11:4-35.16 - Disclosure

(a) A disclosure document containing the disclosures required in N.J.S.A. 17B:30B-8 and this subchapter shall be provided to the viator before or concurrent with taking an application for a viatical settlement contract.

(b) The disclosure document shall contain the following language: "All medical financial or personal information solicited or obtained by a viatical settlement provider or viatical settlement broker about a viator and insured, including the viator and insured's identity or the identity of family members, a spouse or a significant other, is confidential." The information shall not be disclosed in any form to any person, unless disclosure:

1. Is necessary to effect the viatical settlement between the viator and the viatical settlement provider; and

2. Prior written consent to the disclosure has been provided by the viator or the insured, or both, depending upon whom the disclosure affects.

(c) The disclosure document shall include a statement advising the viator and insured that the information may be provided to financing entities including individual and institutional purchasers.

(d) A disclosure statement shall contain the following language: "A brochure entitled 'Selling Your Life Insurance Policy: Understanding Viatical Settlements' may be obtained, upon request, from the Department in cooperation with the National Association of Insurance Commissioners."

N.J. Admin. Code § 11:4-35.16

Amended by 51 N.J.R. 618(a), effective 5/6/2019