(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.

(b) Deemed effective.--Unless disapproved within 45 days of receipt by the department, a filing of a viatical settlement contract or viatical settlement disclosure form shall be effective for use.

(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.