TITLE 41

INSURANCE

CHAPTER 19

LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS

41-1958.  Disclosure to Owner By Broker Upon Settlement Contract. A life settlement broker shall provide the owner with at least the following disclosures prior to the time the owner signs the life settlement contract. The disclosures shall be conspicuously displayed in the life settlement contract or in a separate document signed by the owner and provide the following information:

(1)  The name, business address and telephone number of the life settlement broker;

(2)  A full, complete and accurate description of all offers, counteroffers, acceptances and rejections relating to the proposed life settlement contract;

(3)  A written disclosure of any affiliations or contractual arrangements between the life settlement broker and any person making an offer in connection with the proposed life settlement contracts;

(4)  The amount and method of calculating the broker’s compensation, which term "compensation" includes anything of value to be paid or given to a life settlement broker for the placement of a policy; and

(5)  Where any portion of the life settlement broker’s compensation is taken from a proposed life settlement offer, the total amount of the life settlement offer and the percentage of the life settlement offer comprised by the life settlement broker’s compensation.

History:

[41-1958, added 2009, ch. 69, sec. 1, p. 199.]