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§ 626.6. Reporting requirements and confidentiality

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: December 31, 2002

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 2. Insurance Companies (Refs & Annos)
Article IV-a. Life and Endowment Insurance and Annuities
Viatical Settlements Act (Refs & Annos)
Effective: December 31, 2002
40 P.S. § 626.6
§ 626.6. Reporting requirements and confidentiality
Currentness
(a) General rule.--With each renewal application on the anniversary month of initial licensure by the department, each licensee shall file an annual statement containing such information as required by the department. If the licensee is a viatical settlement provider, such information shall include:
(1) an audited financial statement no more than one year and 120 days old prepared under the generally accepted accounting principles; and
(2) an unaudited financial statement as of the end of the most recent quarter.
(b) Confidentiality.--Except as otherwise allowed or required by law, a viatical settlement provider, viatical settlement broker, insurance company, insurance agent, insurance broker, information bureau, rating agency or company or any other person with actual knowledge of an insured's identity, health information or financial information may not disclose that information as an insured to any other person unless the disclosure is:
(1) necessary to effect a viatical settlement between the viator and a viatical settlement provider, and the viator and insured have provided prior written consent to the disclosure;
(2) necessary to effect a viatical settlement purchase agreement between the viatical settlement purchaser and a viatical settlement provider, and the viator and insured have provided prior written consent to the disclosure;
(3) provided in response to an investigation or examination by the department or any other governmental officer or agency;
(4) a term of or condition to the transfer of a policy by one viatical settlement provider to another viatical settlement provider, and the viator and insured have provided prior written consent to the disclosure;
(5) necessary to permit a financing entity, related provider trust or special purpose entity to finance the purchase of policies by a viatical settlement provider, and the parties to the transaction agree to maintain the confidentiality of such information, and the viator and insured have provided written consent to the disclosure;
(6) made by an insurance company in the course of its business, including, without being limited to, activities such as reinsurance transactions, sales or mergers of the insurance company or one or more of its books of business, handling and investigation of claims and conduct of all legal proceedings connected with them, underwriting, litigation and market conduct investigations, and the viator and insured have provided prior written consent to the disclosure;
(7) necessary to allow the viatical settlement provider or viatical settlement broker or their authorized representatives to make contacts for the purpose of determining health status, and the viator and insured have provided prior written consent to the disclosure; or
(8) required to purchase stop loss coverage and the viator and insured have provided prior written consent to the disclosure.

Credits

2002, July 4, P.L. 699, No. 107, § 6, effective in 180 days.
40 P.S. § 626.6, PA ST 40 P.S. § 626.6
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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