40-5006. Same; annual statements of licensee; identity of viator confidential; exceptions. - Kansas Statutes

40-5006

Chapter 40.--INSURANCE Article 50.--VIATICAL SETTLEMENTS

      40-5006.   Same; annual statements of licensee;identity of viator confidential; exceptions.(a) (1) Each licensee shall file with the commissioner on orbefore March 1 of each year an annual statement containing such information asthe commissioner may prescribe by rule and regulation.

      (2)   In addition to any other requirements, for any policy settled withinfive years of such policy's date of issuance, the annual statement shallspecify the total number,aggregate face amount and life settlement proceeds of policies settled duringthe immediatelypreceding calendar year, together with a break down of the information bypolicy issueyear. Such information shall be limited to only those transactions where theinsuredis a resident of thisstate and shall not include individual transaction data regarding the businessof viaticalsettlements or information that there is a reasonable basis to believe couldbe used to identify thepolicy owner or the insured.

      (b)   Except as otherwise allowed or required by law, a viatical settlementprovider, viatical settlement broker, insurance company, insurance producer,information bureau, rating agency or company, or any other person with actualknowledge of an insured's identity, shall not disclose that identity as aninsured, or the insured's financial or medical information to any other personunless the disclosure is:

      (1)   Necessary to effect a viatical settlement between the viator and aviatical settlement provider and the viator and insured have provided priorwritten consent to the disclosure;

      (2)   provided in response to an investigation or examination by thecommissioner or any other governmental officer or agency or pursuant to therequirements of paragraph (c) ofK.S.A. 2009 Supp.40-5012a and amendmentsthereto;

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

      (4)   necessary to permit a financing entity, related provider trust or specialpurpose entity to finance the purchase of policies by a viatical settlementprovider and the viator and insured have provided prior written consent to thedisclosure;

      (5)   necessary to allow the viatical settlement provider or viaticalsettlement broker or their authorized representatives to make contacts for thepurpose of determining health status; or

      (6)   required to purchase stop loss coverage.

      History:   L. 2002, ch. 158, § 6;L. 2008, ch. 96, § 6; July 1.