N.Y. Comp. Codes R. & Regs. tit. 11 § 380.7

Current through Register Vol. 46, No. 53, December 31, 2024

Section 380.7 - Marketing and advertising

(a) No individual, partnership, corporation or other entity acting as a viatical settlement company or broker shall aid or assist a health care facility or practitioner in coercing or requiring or attempting to coerce or require a person to enter into a viatical settlement as a condition of admission, providing or continuing care.

(b) All advertising material by viatical settlement companies or brokers shall be subject to the applicable provisions of Part 219 of this Title (Regulation 34-A).

(c) Advertising material by viatical settlement companies or brokers which presents any statement identifying or describing any advantage or benefit of making a contract of viatical settlement shall:

(1) include a statement that receipt of payment pursuant to a viatical settlement may affect eligibility for public assistance;

(2) include a statement that receipt of payment pursuant to a viatical settlement may be taxable; and

(3) include a statement that the viator has a right to rescind a viatical settlement within 15 days of receipt of the viatical settlement proceeds.

(d) No advertisement shall indicate or imply that viatical settlements are the only means of obtaining access to a policy's values.

(e) No unsolicited communication shall be directed to any individual urging viatication of that individual's policy or certificate.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 380.7