Sec. 21. (a) A viatical settlement contract must establish the terms under which the viatical settlement provider will pay value, in return for the viator's assignment, bequest, devise, sale, or transfer of the death benefit, certificate, or ownership of the insurance policy to the viatical settlement provider.
(b) A viatical settlement contract must provide for the unconditional rescission of the contract by the viator for the longer of the following:
(1) the period ending not more than fifteen (15) days after the receipt of the viatical settlement proceeds by the viator; or
(2) the period ending not more than thirty (30) days after execution of the contract.
(c) A viatical settlement contract is rescinded if the insured dies during the rescission period, subject to repayment to the viatical settlement provider of all proceeds and any premiums, loans, and loan interest that have been paid by the viatical settlement provider.
As added by P.L.130-1994, SEC.47 and P.L.116-1994, SEC.70. Amended by P.L.32-1998, SEC.22; P.L.223-2005, SEC.6.
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