§ 27-72-5 - Contract requirements. [Effective July 1, 2010.]. - Rhode Island Statutes

SECTION 27-72-5

   § 27-72-5  Contract requirements.[Effective July 1, 2010.]. – (a) No person may use any form of life settlement contract in this state unlessit has been filed with and approved, if required, by the commissioner in amanner that conforms with the filing procedures and any time restrictions ordeeming provisions, if any, for life insurance forms, policies and contracts.The commissioner is authorized to contract with outside consultants to reviewlife settlement forms and the total cost of that review shall be borne by,billed directly to, and paid by the provider filing the form(s).

   (b) No insurer may, as a condition of responding to a requestfor verification of coverage or in connection with the transfer of a policypursuant to a life settlement contract, require that the owner, insured,provider or broker sign any form, disclosure, consent, waiver or acknowledgmentthat has not been expressly approved by the commissioner for use in connectionwith life settlement contracts in this state.

   (c) A person shall not use a life settlement contract form orprovide to an owner a disclosure statement form in this state unless firstfiled with and approved by the commissioner. The commissioner shall disapprovea life settlement contract form or disclosure statement form if, in thecommissioner's opinion, the contract or provisions contained therein fail tomeet the requirements of this chapter or are unreasonable, contrary to theinterests of the public, or otherwise misleading or unfair to the owner. At thecommissioner's discretion, the commissioner may require the submission ofadvertising material. The commissioner is authorized to contract with outsideconsultants to review life settlement forms and/or advertising and the totalcost of that review shall be borne by, billed directly to, and paid by theprovider filing the form(s).