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Current as of January 01, 2022 | Updated by FindLaw Staff
(1) The commissioner may:
(a) Promulgate rules implementing this part 6;
(b) Establish standards for evaluating the reasonableness of payments under a viatical settlement contract for a person who is 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 policy. If the insured is not terminally or chronically ill, a viatical settlement provider shall pay an amount greater than the cash surrender value or accelerated death benefit then available.
(c) Establish appropriate licensing requirements, fees, and standards for continued licensure for a viatical settlement provider and a fee for life insurance producers;
(d) Require a bond or other mechanism for financial accountability for a viatical settlement provider; and
(e) Adopt rules governing the relationship and responsibilities of an insurer and a viatical settlement provider, a life insurance producer, and others in the business of viatical settlements during the period of consideration or effectuation of a viatical settlement contract.
Cite this article: FindLaw.com - Colorado Revised Statutes Title 10. Insurance § 10-7-615. Rules - last updated January 01, 2022 | https://codes.findlaw.com/co/title-10-insurance/co-rev-st-sect-10-7-615/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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