17B:30B-15 - Regulations, authority of commissioner - New Jersey Statutes

17B:30B-15  Regulations, authority of commissioner.

15.The commissioner shall have the authority to promulgate regulations implementing the provisions of this act pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) including, but not limited to, the following:

a.Establishing standards for evaluating reasonableness of payments under viatical settlement contracts for persons terminally or chronically ill;

b.Establishing appropriate licensing requirements, fees and standards for continued licensure for viatical settlement providers;

c.Requiring a bond or other mechanism for financial accountability for viatical settlement providers; and

d.Governing the relationship and responsibilities of insurers, viatical settlement providers, life insurance producers and others in the business of viatical settlements during the period of consideration or effectuation of a viatical settlement contract.

L.2005,c.229,s.15.