Viatical Settlement Act
Montana · Insurance and Insurance Companies · §§ 33-20-1301 to 33-20-1318 · 18 sections
Overview
The act regulates viatical settlements — transactions in which the owner of a life insurance policy transfers it to another party in exchange for payment — and the businesses that arrange and fund them. It establishes a licensing regime for viatical settlement providers, covering application and issuance, expiration and renewal, notice of changes affecting a licensee's qualifications, and grounds for suspension, revocation, or refusal to license, backed by authority to examine a licensee's records and business practices and to require annual reports, bonding, and implementing rules. It also governs the transactions themselves, setting required contract terms and conditions that must be satisfied before a settlement is entered into, mandating disclosures to both the policyholder and to purchasers of settlement interests, requiring funds to pass through an escrow or trust account, and prohibiting practices such as finder's fees, false or misleading advertising and solicitation, discrimination, and misuse of confidential information.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- Mont. Code Ann. § 33-20-1301Short title
- Mont. Code Ann. § 33-20-1302Definitions
- Mont. Code Ann. § 33-20-1303License requirements
- Mont. Code Ann. § 33-20-1304Issuance of license
- Mont. Code Ann. § 33-20-1305Expiration of license
- Mont. Code Ann. § 33-20-1306Notification by licensee of material change affecting qualification for license
- Mont. Code Ann. § 33-20-1307Suspension -- revocation -- refusal to issue or renew license
- Mont. Code Ann. § 33-20-1308Terms of contract
- Mont. Code Ann. § 33-20-1309Annual report by provider
- Mont. Code Ann. § 33-20-1310Examination of business and practices of licensee or applicant -- maintenance of business records
- Mont. Code Ann. § 33-20-1311Disclosure of information to policyholder
- Mont. Code Ann. § 33-20-1312Conditions precedent to entering into viatical settlement contract
- Mont. Code Ann. § 33-20-1313Requirements for entering into viatical settlement contract -- prohibitions on finder's fee -- solicitations -- discrimination -- false or misleading advertising or solicitation -- misuse of confidential information
- Mont. Code Ann. § 33-20-1314Payment to escrow or trust account -- lump-sum payment
- Mont. Code Ann. § 33-20-1315Rules -- standards -- bond
- Mont. Code Ann. § 33-20-1316Service of process
- Mont. Code Ann. § 33-20-1317Disclosure of information to viatical settlement purchasers
- Mont. Code Ann. § 33-20-1318Conflict of laws
Enacted in other states
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