Sec. 45.56.210. Viatical settlement interests.

298 words·~1 min read·/ak/title-45/chapter-56/45-56-210

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Before the sale of a viatical settlement interest, an issuer shall provide a prospective buyer with information that is sufficient to make an informed investment decision. The issuer shall also provide the information to the administrator upon request if the issuer is not otherwise required to file the information with the administrator. In this subsection, “information that is sufficient to make an informed investment decision” includes state-mandated disclosure forms and a disclosure of any significant factors that may affect the outcome of the investment.

(b)Except as may be required in the course of conduct of the responsibilities of the administrator, an issuer of a viatical settlement interest may not disclose to another person the identity of the viator or insured of the insurance policy that is the subject of the viatical settlement interest. The viator may waive this prohibition against disclosure if the waiver is in writing and signed by the viator.

(c)The administrator shall regulate transactions between a viatical settlement provider or person acting as an agent of a viatical settlement provider and a subsequent investor, while the authority of the director of the division of insurance extends to the regulation of viatical settlement contracts under AS 21.96.110 .

(d)In this section,

(1)“viatical settlement contract” has the meaning given in AS 21.96.110 (h);

(2)“viatical settlement interest”

(A)means the entire interest or any fractional interest in a life insurance policy or in the death benefit under a life insurance policy that is the subject of a viatical settlement contract;

(B)does not include the initial purchase from the viator by a viatical settlement provider;

(3)“viatical settlement provider” has the meaning given in AS 21.96.110 (h);

(4)“viator” has the meaning given in AS 21.96.110 (h).