What Viatical Settlements Model Act requires
This model act establishes a comprehensive regulatory framework for viatical and life settlement transactions, requiring the licensing of providers and brokers (Section 3), mandating specific disclosures to consumers before and at the time of contract (Section 8), and establishing standards to prevent fraudulent acts and protect consumer privacy (Sections 11 & 12). It applies to all parties involved in viatical settlement contracts, including providers, brokers, and viators.
Pillar: Insurance & Risk · Authority: National Association of Insurance Commissioners (NAIC) · Version: 1.0.0 · Last updated:
Primary source: https://content.naic.org/sites/default/files/model-law-697.pdf
SHA-256 integrity: 1fb9240e742b378f442d01c7adb0053a0f7ffcf1f68f3fc095d672826d1093cc
Primary Citations — 6 traced to source
- Viatical Settlements Model Act (#697), Section 3 - License and Bond Requirements
- Viatical Settlements Model Act (#697), Section 7 - Advertising
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