[CHAPTER 431E]

LIFE SETTLEMENTS

 

          Part I.  General Provisions

Section

     431E-1 Short title

     431E-2 Definitions

     431E-3 Licensing requirements

     431E-4 License suspension, revocation, or refusal to renew

     431E-5 Contract requirements

     431E-6 Reporting requirements and privacy

 

          Part II.  Examinations

    431E-11 Examination

    431E-12 Conduct of examinations

    431E-13 Examination reports

    431E-14 Confidentiality of examination information

    431E-15 Examiner; conflict of interest

    431E-16 Immunity from liability

    431E-17 Investigative authority of the commissioner

 

          Part III.  Advertising

    431E-21 Advertising

 

          Part IV.  Disclosures and General Procedures

    431E-31 Disclosures to owners

    431E-32 Disclosure to insurer

    431E-33 General rules

    431E-34 Buyer's guide

 

          Part V.  Miscellaneous Provisions

    431E-41 Prohibited practices

    431E-42 Fraudulent life settlement acts prohibited

    431E-43 Fraud warning required

    431E-44 Mandatory reporting of fraudulent life settlement acts

    431E-45 Immunity from liability

    431E-46 Confidentiality

    431E-47 Other law enforcement or regulatory authority

    431E-48 Life settlement anti-fraud initiatives

    431E-49 Injunctions; civil remedies; cease and desist

    431E-50 Penalties

    431E-51 Unfair trade practices

    431E-52 Conflict of laws

    431E-53 Authority to adopt rules

 

Note

 

  Chapter repealed June 16, 2010.  L 2008, c 177, §7.

  L 2008, c 177, §§3 and 4 provide:

  "SECTION 3.  (a)  A provider as defined in section 1 of this Act [enacting chapter 431E] lawfully transacting business in this State prior to the effective date of this Act [June 16, 2008] may continue to do so pending approval or disapproval of that person's application for a license as long as the application is filed with the insurance commissioner not later than thirty days after publication by the commissioner of an application form and instructions for licensure of providers.  If the publication of the application form and instructions is prior to the effective date of this Act [June 16, 2008], then the filing of the application shall not be later than thirty days after the effective date of this Act [June 16, 2008].  During the time that such an application is pending with the commissioner, the applicant may use any form of life settlement contract that has been filed with the commissioner pending approval thereof; provided that such form is otherwise in compliance with the provisions of this Act [enacting chapter 431E and amending section 431:7-101].  Any person transacting business in this State under this provision shall be obligated to comply with all other requirements of this Act.

  (b)  A person who has lawfully negotiated life settlement contracts between any owner residing in this State and one or more providers as defined in section 1 of this Act for at least one year immediately prior to the effective date of this Act [June 16, 2008] may continue to do so pending approval or disapproval of that person's application for a license as long as the application is filed with the commissioner not later than thirty days after publication by the commissioner of an application form and instructions for licensure of brokers.  If the publication of the application form and instructions is prior to the effective date of this Act [June 16, 2008], then the filing of the application shall not be later than thirty days after the effective date of this Act [June 16, 2008].  Any person transacting business in this State under this provision shall be obligated to comply with all other requirements of this Act.

  SECTION 4.  The insurance commissioner shall submit annual reports to the legislature at least twenty days prior to the convening of the regular sessions of 2009 and 2010.  The annual report shall include:

  (1)  Any issues and concerns relating to the implementation and

       effects of this Act;

  (2)  The total number and disposition of life settlement cases

       investigated by the insurance commissioner under this Act;

  (3)  An evaluation by the insurance commissioner of the

       effectiveness of this Act in regulating life settlement

       contracts; and

  (4)  Any recommendations, including proposed legislation, to

       improve the provisions of this Act."