[§431E-5]  Contract requirements.  (a) 
No person may use any form of life settlement contract in this State unless it
has been filed with and approved, if required, by the commissioner in a manner
that conforms with the filing procedures and any time restrictions or deeming
provisions, if any, for life insurance forms, policies, and contracts.



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



(c)  A person shall not use a life settlement
contract form or provide to an owner a disclosure statement form in this State
unless first filed with and approved by the commissioner. The commissioner
shall disapprove a life settlement contract form or disclosure statement form
if, in the commissioner's opinion, the contract or provisions contained therein
fail to meet the requirements of sections 431E-21, 431E-31, 431E-33, and 431E-43
of this chapter or are unreasonable, contrary to the interests of the public,
or otherwise misleading or unfair to the owner.  At the commissioner's
discretion, the commissioner may require the submission of advertising
material. [L 2008, c 177, pt of §1]