§ 626.5. Approval of viatical settlement contracts and disclosure statements
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: December 31, 2002
Effective: December 31, 2002
40 P.S. § 626.5
§ 626.5. Approval of viatical settlement contracts and disclosure statements
(a) General rule.--A person shall not use a viatical settlement contract or provide to a viator a disclosure statement form in this Commonwealth unless the contract or form is filed with and approved by the department. The department shall disapprove a viatical settlement contract form or viatical settlement disclosure statement form if, in the department's opinion, the contract or statement or provisions contained therein are unreasonable, contrary to the interests of the public, otherwise misleading or unfair to the viator. At the department's discretion, the department may also require the submission of advertising material.
(c) Disapproval after use.--Any viatical settlement contract or viatical settlement disclosure form approved or effective for use in accordance with subsections (a) and (b) may be subsequently disapproved by the department. The department shall notify the appropriate person in writing and provide the opportunity for a hearing as provided in 2 Pa.C.S. Ch. 5 Subch. A (relating to practice and procedure of Commonwealth agencies).
(d) Discontinuance of contract.--If following a hearing the commissioner finds that a viatical settlement contract or viatical settlement disclosure statement form should be disapproved, the commissioner shall order the use of the contract or disclosure form to be discontinued after a date specified in the order.
Credits
2002, July 4, P.L. 699, No. 107, § 5, effective in 180 days.
40 P.S. § 626.5, PA ST 40 P.S. § 626.5
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document |