LegalFix
Sign In

§ 83-7-219. Authority of Commissioner to adopt rules and regulations

MS Code § 83-7-219 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(a) Promulgate rules and regulations implementing Sections 83-7-201 through 83-7-223;

(b) Establish standards for evaluating reasonableness of payments under viatical settlement contracts. 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 life insurance policy;

(c) Establish appropriate licensing requirements, fees and standards for continued licensure for viatical settlement providers, representatives and brokers;

(d) Require a bond or other mechanism for financial accountability for viatical settlement providers; and

(e) Adopt rules governing the relationship and responsibilities of both insurers and viatical settlement providers, brokers and representatives during the viatication of a life insurance policy or certificate.

Previous Section
§ 83-7-217. Informed consent; confidentiality of medical information; 15-day right to rescind; death of insured within 15-day period deemed rescission; transfer of proceeds of viatical settlement; post-settlement contacts with insured for purpose of determining health status
Next Section
§ 83-7-221. Violations of provisions considered unfair trade practice