SEC. 83-7-219. Authority of Commissioner to adopt rules and regulations.
The commissioner may:
(a) Promulgate rules and regulations implementing this act;
(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.
SOURCES: Laws, 2000, ch. 323, § 10, SB3000, eff. July 1, 2000.