60A.9575 REPORTING REQUIREMENTS AND PRIVACY.

463 words·~2 min read·/mn/chapter-60/60a-9575

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

Subdivision 1. Annual statement.

A viatical settlement provider shall file with the commissioner on or before March 1 of each year an annual statement containing the following information:

(1)for each policy viaticated, the date that the viatical settlement contract was entered into; the life expectancy of the viator at the time of the contract; the face amount of the policy; the amount paid by the viatical settlement provider to viaticate the policy; and if the viator has died, the date of death and the total insurance premiums paid by the viatical settlement provider to maintain the policy in force;

(2)a breakdown by disease category of applications received, accepted, and rejected;

(3)a breakdown of policies viaticated by issuer and policy type;

(4)the number of secondary market versus primary market transactions;

(5)the portfolio size; and

(6)the amount of outside borrowings.

The information shall be limited to only those transactions where the viator is a resident of this state. Individual transaction data regarding the business of viatical settlements or data that could compromise the privacy of personal, financial, and health information of the viator or insured shall be filed with the commissioner on a confidential basis.

Subd. 2. Identity disclosure restrictions.

Except as otherwise allowed or required by law, a viatical settlement provider, viatical settlement broker, or viatical settlement investment agent, insurance company, insurance producer, information bureau, rating agency or company, or any other person with actual knowledge of an insured's identity, shall not disclose that identity as an insured, or the insured's financial or medical information to any other person unless the disclosure:

(1)is necessary to effect a viatical settlement between the viator and a viatical settlement provider and the viator and insured have provided prior written consent to the disclosure;

(2)is necessary to effect a viatical settlement purchase agreement between the viatical settlement purchaser and a viatical settlement provider and the viator and insured have provided prior written consent to the disclosure;

(3)is provided in response to an investigation or examination by the commissioner or any other governmental officer or agency or pursuant to section 45.027 ;

(4)is a term of or condition to the transfer of a policy by one viatical settlement provider to another viatical settlement provider;

(5)is necessary to permit a financing entity, related provider trust, or special purpose entity to finance the purchase of policies by a viatical settlement provider and the viator and insured have provided prior written consent to the disclosure;

(6)is necessary to allow a viatical settlement provider or viatical settlement broker or an authorized representative to make contacts for the purpose of determining health status; or

(7)is required to purchase stop-loss coverage or financial guaranty insurance.