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

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

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