(1) "Advertising"means any written, electronic, or printed communication or any communication bymeans of recorded telephone messages or transmitted on radio, television, theInternet, or similar communications media, including filmstrips, motionpictures, and videos, published, disseminated, circulated, or placed before thepublic, directly or indirectly, for the purpose of creating an interest in orinducing a person to sell a life insurance policy under a viatical settlementcontract.
(2) "Business ofviatical settlements" means an activity involved in, but not limited to,the offering, solicitation, negotiation, procurement, effectuation, purchasing,investing, financing, monitoring, tracking, underwriting, selling,transferring, assigning, pledging, hypothecating, or in any other manner, ofviatical settlement contracts. "Business of viatical settlements"does not include an activity involving viatical settlement contracts asinvestments as regulated by Chapter 78A of the General Statutes.
(3) "Chronicallyill" means:
a. Being unable toperform at least two activities of daily living (i.e., eating, toileting,transferring, bathing, dressing, or continence);
b. Requiringsubstantial supervision to protect the individual from threats to health andsafety due to severe cognitive impairment; or
c. Having a level ofdisability similar to that described in sub‑subdivision a. of thissubdivision as determined by the Secretary of Health and Human Services.
(4) "Financingentity" means an underwriter, placement agent, lender, purchaser ofsecurities, purchaser of a policy from a viatical settlement provider, creditenhancer, or any entity that has a direct ownership in a policy that is thesubject of a viatical settlement contract, but:
a. Whose principalactivity related to the transaction is providing funds to effect the viaticalsettlement or purchase of one or more viaticated policies; and
b. Who has an agreementin writing with one or more licensed viatical settlement providers to financethe acquisition of viatical settlement contracts.
"Financingentity" does not include a nonaccredited investor or viatical settlementpurchaser.
(5) "Fraudulentviatical settlement act" includes:
a. Acts or omissionscommitted by any person who, knowingly and with intent to defraud, for thepurpose of depriving another of property or for pecuniary gain, commits, orpermits its employees or its agents to engage in acts including:
1. Presenting, causingto be presented, or preparing with knowledge or belief that it will bepresented to or by a viatical settlement provider, viatical settlement broker,viatical settlement purchaser, financing entity, insurer, insurance producer,viator, insured or any other person false material information, or concealingmaterial information, as part of, in support of, or concerning a fact materialto one or more of the following:
I. An application forthe issuance of a viatical settlement contract or insurance policy.
II. The underwriting ofa viatical settlement contract or insurance policy.
III. A claim for paymentor benefit under a viatical settlement contract or insurance policy.
IV. Premiums paid on aninsurance policy.
V. Payments and changesin ownership or beneficiary made in accordance with the terms of a viaticalsettlement contract or insurance policy.
VI. The reinstatement orconversion of an insurance policy.
VII. The solicitation,offer, effectuation, or sale of a viatical settlement contract or insurancepolicy.
VIII. The issuance of writtenevidence of viatical settlement contract or insurance.
IX. A financingtransaction.
2. Employing anydevice, scheme, or artifice to defraud related to viaticated policies.
b. In the furtheranceof a fraud or to prevent the detection of a fraud, any person commits orpermits the person's employees or agents to:
1. Remove, conceal,alter, destroy, or sequester from the Commissioner the assets or records of alicensee or other person engaged in the business of viatical settlements;
2. Misrepresent or concealthe financial condition of a licensee, financing entity, insurer, or otherperson;
3. Transact thebusiness of viatical settlements in violation of laws requiring a license,certificate of authority, or other legal authority for the transaction of thebusiness of viatical settlements; or
4. File with theCommissioner or the insurance regulator of another jurisdiction a documentcontaining false information or otherwise conceal information about a materialfact from the Commissioner.
c. Embezzlement, theft,misappropriation, or conversion of monies, funds, premiums, credits, or otherproperty of a viatical settlement provider, insurer, insured, viator, insurancepolicy owner, or any other person engaged in the business of viaticalsettlements or insurance; or
d. Attempting tocommit, assisting, aiding, or abetting in the commission of, or conspiracy tocommit, the acts or omissions specified in this subdivision.
(6) "Policy"means an individual or group life insurance policy, group life insurance certificate,group life insurance contract, or any other arrangement of life insuranceaffecting the rights of a resident of this State or bearing a reasonablerelation to this State, regardless of whether delivered or issued for deliveryin this State.
(7) "Relatedprovider trust" means a titling trust or other trust established by alicensed viatical settlement provider or a financing entity for the solepurpose of holding the ownership or beneficial interest in purchased policiesin connection with a financing transaction.
(8) "Specialpurpose entity" means a corporation, partnership, trust, limited liabilitycompany, or other similar entity formed solely to provide either directly orindirectly access to institutional capital markets for a financing entity or licensedviatical settlement provider.
(9) "Terminallyill" means having an illness or sickness that can reasonably be expectedto result in death in 24 months or fewer.
(10) "Viaticalsettlement broker" or "broker" means a person that on behalf ofa viator and for a fee, commission, or other valuable consideration offers orattempts to negotiate viatical settlement contracts between a viator and one ormore viatical settlement providers. The term does not include an attorney,certified public accountant, or a financial planner accredited by a nationallyrecognized accreditation agency who is retained to represent the viator andwhose compensation is not paid directly or indirectly by the viaticalsettlement provider or purchaser.
(11) "Viaticalsettlement contract" means a written agreement establishing the termsunder which compensation or anything of value will be paid, which compensationor value is less than the expected death benefit of the policy, in return forthe viator's assignment, transfer, sale, devise, or bequest of the deathbenefit or ownership of any portion of the policy. A viatical settlementcontract also includes a contract for a loan or other financing transactionwith a viator secured primarily by a policy, other than a loan by a life insurancecompany under the terms of the life insurance contract, or a loan secured bythe cash value of a policy. A viatical settlement contract includes anagreement with a viator to transfer ownership or change the beneficiarydesignation at a later date regardless of the date that compensation is paid tothe viator.
(12) "Viaticalsettlement provider" or "provider" means a person, other than aviator, that enters into or effectuates a viatical settlement contract onresidents of this State or residents of another state from offices within thisState. "Viatical settlement provider" or "provider" doesnot include:
a. A bank, savingsbank, savings and loan association, credit union, or other licensed lendinginstitution that takes an assignment of a life insurance policy as collateralfor a loan;
b. The issuer of a lifeinsurance policy providing accelerated benefits under rules adopted by theCommissioner and under the contract;
c. An authorized oreligible insurer that provides stop‑loss coverage to a viaticalsettlement provider, purchaser, financing entity, special purpose entity, orrelated provider trust;
d. A natural person whoenters into or effectuates no more than one agreement in a calendar year forthe transfer of life insurance policies for any value less than the expecteddeath benefit;
e. A financing entity;
f. A special purposeentity;
g. A related providertrust;
h. A viaticalsettlement purchaser; or
i. An accreditedinvestor or qualified institutional buyer as defined respectively in RegulationD, Rule 501 or Rule 144A of the Federal Securities Act of 1933, as amended, andwho purchases a viaticated policy from a viatical settlement provider.
(13) "Viaticalsettlement purchase agreement" or "purchase agreement" means anagreement, entered into by a viatical settlement purchaser, to which the viatoris not a party, to purchase a life insurance policy or an interest in a lifeinsurance policy, that is entered into for the purpose of deriving an economicbenefit.
(14) "Viaticalsettlement purchaser" or "purchaser" means a person who gives asum of money as consideration for a life insurance policy or an interest in thedeath benefits of a life insurance policy or a person who owns or acquires oris entitled to a beneficial interest in a trust that owns a viatical settlementcontract or is the beneficiary of a life insurance policy that has been or willbe the subject of a viatical settlement contract for the purpose of deriving aneconomic benefit. "Viatical settlement purchaser" does not include:
a. A licensee underthis Part;
b. An accreditedinvestor or qualified institutional buyer as defined respectively in RegulationD, Rule 501 or Rule 144A of the Federal Securities Act of 1933, as amended;
c. A financing entity;
d. A special purposeentity; or
e. A related providertrust.
(15) "Viaticatedpolicy" means a policy that has been acquired by a viatical settlementprovider under a viatical settlement contract.
(16) "Viator"means the owner of a policy or a certificate holder under a group policy who entersor seeks to enter into a viatical settlement contract. For the purposes of thisPart, a viator shall not be limited to an owner of a life insurance policy or acertificate holder under a group policy insuring the life of an individual witha terminal or chronic illness or condition except where specifically addressed."Viator" does not include:
a. A licensee underthis Part;
b. An accreditedinvestor or qualified institutional buyer as defined respectively in RegulationD, Rule 501 or Rule 144A of the Federal Securities Act of 1933, as amended;
c. A financing entity;
d. A special purposeentity; or
e. A related providertrust. (2001‑436,s. 3; 2007‑298, s. 7.7; 2007‑484, s. 43.5.)
(1) "Advertising"means any written, electronic, or printed communication or any communication bymeans of recorded telephone messages or transmitted on radio, television, theInternet, or similar communications media, including filmstrips, motionpictures, and videos, published, disseminated, circulated, or placed before thepublic, directly or indirectly, for the purpose of creating an interest in orinducing a person to sell a life insurance policy under a viatical settlementcontract.
(2) "Business ofviatical settlements" means an activity involved in, but not limited to,the offering, solicitation, negotiation, procurement, effectuation, purchasing,investing, financing, monitoring, tracking, underwriting, selling,transferring, assigning, pledging, hypothecating, or in any other manner, ofviatical settlement contracts. "Business of viatical settlements"does not include an activity involving viatical settlement contracts asinvestments as regulated by Chapter 78A of the General Statutes.
(3) "Chronicallyill" means:
a. Being unable toperform at least two activities of daily living (i.e., eating, toileting,transferring, bathing, dressing, or continence);
b. Requiringsubstantial supervision to protect the individual from threats to health andsafety due to severe cognitive impairment; or
c. Having a level ofdisability similar to that described in sub‑subdivision a. of thissubdivision as determined by the Secretary of Health and Human Services.
(4) "Financingentity" means an underwriter, placement agent, lender, purchaser ofsecurities, purchaser of a policy from a viatical settlement provider, creditenhancer, or any entity that has a direct ownership in a policy that is thesubject of a viatical settlement contract, but:
a. Whose principalactivity related to the transaction is providing funds to effect the viaticalsettlement or purchase of one or more viaticated policies; and
b. Who has an agreementin writing with one or more licensed viatical settlement providers to financethe acquisition of viatical settlement contracts.
"Financingentity" does not include a nonaccredited investor or viatical settlementpurchaser.
(5) "Fraudulentviatical settlement act" includes:
a. Acts or omissionscommitted by any person who, knowingly and with intent to defraud, for thepurpose of depriving another of property or for pecuniary gain, commits, orpermits its employees or its agents to engage in acts including:
1. Presenting, causingto be presented, or preparing with knowledge or belief that it will bepresented to or by a viatical settlement provider, viatical settlement broker,viatical settlement purchaser, financing entity, insurer, insurance producer,viator, insured or any other person false material information, or concealingmaterial information, as part of, in support of, or concerning a fact materialto one or more of the following:
I. An application forthe issuance of a viatical settlement contract or insurance policy.
II. The underwriting ofa viatical settlement contract or insurance policy.
III. A claim for paymentor benefit under a viatical settlement contract or insurance policy.
IV. Premiums paid on aninsurance policy.
V. Payments and changesin ownership or beneficiary made in accordance with the terms of a viaticalsettlement contract or insurance policy.
VI. The reinstatement orconversion of an insurance policy.
VII. The solicitation,offer, effectuation, or sale of a viatical settlement contract or insurancepolicy.
VIII. The issuance of writtenevidence of viatical settlement contract or insurance.
IX. A financingtransaction.
2. Employing anydevice, scheme, or artifice to defraud related to viaticated policies.
b. In the furtheranceof a fraud or to prevent the detection of a fraud, any person commits orpermits the person's employees or agents to:
1. Remove, conceal,alter, destroy, or sequester from the Commissioner the assets or records of alicensee or other person engaged in the business of viatical settlements;
2. Misrepresent or concealthe financial condition of a licensee, financing entity, insurer, or otherperson;
3. Transact thebusiness of viatical settlements in violation of laws requiring a license,certificate of authority, or other legal authority for the transaction of thebusiness of viatical settlements; or
4. File with theCommissioner or the insurance regulator of another jurisdiction a documentcontaining false information or otherwise conceal information about a materialfact from the Commissioner.
c. Embezzlement, theft,misappropriation, or conversion of monies, funds, premiums, credits, or otherproperty of a viatical settlement provider, insurer, insured, viator, insurancepolicy owner, or any other person engaged in the business of viaticalsettlements or insurance; or
d. Attempting tocommit, assisting, aiding, or abetting in the commission of, or conspiracy tocommit, the acts or omissions specified in this subdivision.
(6) "Policy"means an individual or group life insurance policy, group life insurance certificate,group life insurance contract, or any other arrangement of life insuranceaffecting the rights of a resident of this State or bearing a reasonablerelation to this State, regardless of whether delivered or issued for deliveryin this State.
(7) "Relatedprovider trust" means a titling trust or other trust established by alicensed viatical settlement provider or a financing entity for the solepurpose of holding the ownership or beneficial interest in purchased policiesin connection with a financing transaction.
(8) "Specialpurpose entity" means a corporation, partnership, trust, limited liabilitycompany, or other similar entity formed solely to provide either directly orindirectly access to institutional capital markets for a financing entity or licensedviatical settlement provider.
(9) "Terminallyill" means having an illness or sickness that can reasonably be expectedto result in death in 24 months or fewer.
(10) "Viaticalsettlement broker" or "broker" means a person that on behalf ofa viator and for a fee, commission, or other valuable consideration offers orattempts to negotiate viatical settlement contracts between a viator and one ormore viatical settlement providers. The term does not include an attorney,certified public accountant, or a financial planner accredited by a nationallyrecognized accreditation agency who is retained to represent the viator andwhose compensation is not paid directly or indirectly by the viaticalsettlement provider or purchaser.
(11) "Viaticalsettlement contract" means a written agreement establishing the termsunder which compensation or anything of value will be paid, which compensationor value is less than the expected death benefit of the policy, in return forthe viator's assignment, transfer, sale, devise, or bequest of the deathbenefit or ownership of any portion of the policy. A viatical settlementcontract also includes a contract for a loan or other financing transactionwith a viator secured primarily by a policy, other than a loan by a life insurancecompany under the terms of the life insurance contract, or a loan secured bythe cash value of a policy. A viatical settlement contract includes anagreement with a viator to transfer ownership or change the beneficiarydesignation at a later date regardless of the date that compensation is paid tothe viator.
(12) "Viaticalsettlement provider" or "provider" means a person, other than aviator, that enters into or effectuates a viatical settlement contract onresidents of this State or residents of another state from offices within thisState. "Viatical settlement provider" or "provider" doesnot include:
a. A bank, savingsbank, savings and loan association, credit union, or other licensed lendinginstitution that takes an assignment of a life insurance policy as collateralfor a loan;
b. The issuer of a lifeinsurance policy providing accelerated benefits under rules adopted by theCommissioner and under the contract;
c. An authorized oreligible insurer that provides stop‑loss coverage to a viaticalsettlement provider, purchaser, financing entity, special purpose entity, orrelated provider trust;
d. A natural person whoenters into or effectuates no more than one agreement in a calendar year forthe transfer of life insurance policies for any value less than the expecteddeath benefit;
e. A financing entity;
f. A special purposeentity;
g. A related providertrust;
h. A viaticalsettlement purchaser; or
i. An accreditedinvestor or qualified institutional buyer as defined respectively in RegulationD, Rule 501 or Rule 144A of the Federal Securities Act of 1933, as amended, andwho purchases a viaticated policy from a viatical settlement provider.
(13) "Viaticalsettlement purchase agreement" or "purchase agreement" means anagreement, entered into by a viatical settlement purchaser, to which the viatoris not a party, to purchase a life insurance policy or an interest in a lifeinsurance policy, that is entered into for the purpose of deriving an economicbenefit.
(14) "Viaticalsettlement purchaser" or "purchaser" means a person who gives asum of money as consideration for a life insurance policy or an interest in thedeath benefits of a life insurance policy or a person who owns or acquires oris entitled to a beneficial interest in a trust that owns a viatical settlementcontract or is the beneficiary of a life insurance policy that has been or willbe the subject of a viatical settlement contract for the purpose of deriving aneconomic benefit. "Viatical settlement purchaser" does not include:
a. A licensee underthis Part;
b. An accreditedinvestor or qualified institutional buyer as defined respectively in RegulationD, Rule 501 or Rule 144A of the Federal Securities Act of 1933, as amended;
c. A financing entity;
d. A special purposeentity; or
e. A related providertrust.
(15) "Viaticatedpolicy" means a policy that has been acquired by a viatical settlementprovider under a viatical settlement contract.
(16) "Viator"means the owner of a policy or a certificate holder under a group policy who entersor seeks to enter into a viatical settlement contract. For the purposes of thisPart, a viator shall not be limited to an owner of a life insurance policy or acertificate holder under a group policy insuring the life of an individual witha terminal or chronic illness or condition except where specifically addressed."Viator" does not include:
a. A licensee underthis Part;
b. An accreditedinvestor or qualified institutional buyer as defined respectively in RegulationD, Rule 501 or Rule 144A of the Federal Securities Act of 1933, as amended;
c. A financing entity;
d. A special purposeentity; or
e. A related providertrust. (2001‑436,s. 3; 2007‑298, s. 7.7; 2007‑484, s. 43.5.)
(1) "Advertising"means any written, electronic, or printed communication or any communication bymeans of recorded telephone messages or transmitted on radio, television, theInternet, or similar communications media, including filmstrips, motionpictures, and videos, published, disseminated, circulated, or placed before thepublic, directly or indirectly, for the purpose of creating an interest in orinducing a person to sell a life insurance policy under a viatical settlementcontract.
(2) "Business ofviatical settlements" means an activity involved in, but not limited to,the offering, solicitation, negotiation, procurement, effectuation, purchasing,investing, financing, monitoring, tracking, underwriting, selling,transferring, assigning, pledging, hypothecating, or in any other manner, ofviatical settlement contracts. "Business of viatical settlements"does not include an activity involving viatical settlement contracts asinvestments as regulated by Chapter 78A of the General Statutes.
(3) "Chronicallyill" means:
a. Being unable toperform at least two activities of daily living (i.e., eating, toileting,transferring, bathing, dressing, or continence);
b. Requiringsubstantial supervision to protect the individual from threats to health andsafety due to severe cognitive impairment; or
c. Having a level ofdisability similar to that described in sub‑subdivision a. of thissubdivision as determined by the Secretary of Health and Human Services.
(4) "Financingentity" means an underwriter, placement agent, lender, purchaser ofsecurities, purchaser of a policy from a viatical settlement provider, creditenhancer, or any entity that has a direct ownership in a policy that is thesubject of a viatical settlement contract, but:
a. Whose principalactivity related to the transaction is providing funds to effect the viaticalsettlement or purchase of one or more viaticated policies; and
b. Who has an agreementin writing with one or more licensed viatical settlement providers to financethe acquisition of viatical settlement contracts.
"Financingentity" does not include a nonaccredited investor or viatical settlementpurchaser.
(5) "Fraudulentviatical settlement act" includes:
a. Acts or omissionscommitted by any person who, knowingly and with intent to defraud, for thepurpose of depriving another of property or for pecuniary gain, commits, orpermits its employees or its agents to engage in acts including:
1. Presenting, causingto be presented, or preparing with knowledge or belief that it will bepresented to or by a viatical settlement provider, viatical settlement broker,viatical settlement purchaser, financing entity, insurer, insurance producer,viator, insured or any other person false material information, or concealingmaterial information, as part of, in support of, or concerning a fact materialto one or more of the following:
I. An application forthe issuance of a viatical settlement contract or insurance policy.
II. The underwriting ofa viatical settlement contract or insurance policy.
III. A claim for paymentor benefit under a viatical settlement contract or insurance policy.
IV. Premiums paid on aninsurance policy.
V. Payments and changesin ownership or beneficiary made in accordance with the terms of a viaticalsettlement contract or insurance policy.
VI. The reinstatement orconversion of an insurance policy.
VII. The solicitation,offer, effectuation, or sale of a viatical settlement contract or insurancepolicy.
VIII. The issuance of writtenevidence of viatical settlement contract or insurance.
IX. A financingtransaction.
2. Employing anydevice, scheme, or artifice to defraud related to viaticated policies.
b. In the furtheranceof a fraud or to prevent the detection of a fraud, any person commits orpermits the person's employees or agents to:
1. Remove, conceal,alter, destroy, or sequester from the Commissioner the assets or records of alicensee or other person engaged in the business of viatical settlements;
2. Misrepresent or concealthe financial condition of a licensee, financing entity, insurer, or otherperson;
3. Transact thebusiness of viatical settlements in violation of laws requiring a license,certificate of authority, or other legal authority for the transaction of thebusiness of viatical settlements; or
4. File with theCommissioner or the insurance regulator of another jurisdiction a documentcontaining false information or otherwise conceal information about a materialfact from the Commissioner.
c. Embezzlement, theft,misappropriation, or conversion of monies, funds, premiums, credits, or otherproperty of a viatical settlement provider, insurer, insured, viator, insurancepolicy owner, or any other person engaged in the business of viaticalsettlements or insurance; or
d. Attempting tocommit, assisting, aiding, or abetting in the commission of, or conspiracy tocommit, the acts or omissions specified in this subdivision.
(6) "Policy"means an individual or group life insurance policy, group life insurance certificate,group life insurance contract, or any other arrangement of life insuranceaffecting the rights of a resident of this State or bearing a reasonablerelation to this State, regardless of whether delivered or issued for deliveryin this State.
(7) "Relatedprovider trust" means a titling trust or other trust established by alicensed viatical settlement provider or a financing entity for the solepurpose of holding the ownership or beneficial interest in purchased policiesin connection with a financing transaction.
(8) "Specialpurpose entity" means a corporation, partnership, trust, limited liabilitycompany, or other similar entity formed solely to provide either directly orindirectly access to institutional capital markets for a financing entity or licensedviatical settlement provider.
(9) "Terminallyill" means having an illness or sickness that can reasonably be expectedto result in death in 24 months or fewer.
(10) "Viaticalsettlement broker" or "broker" means a person that on behalf ofa viator and for a fee, commission, or other valuable consideration offers orattempts to negotiate viatical settlement contracts between a viator and one ormore viatical settlement providers. The term does not include an attorney,certified public accountant, or a financial planner accredited by a nationallyrecognized accreditation agency who is retained to represent the viator andwhose compensation is not paid directly or indirectly by the viaticalsettlement provider or purchaser.
(11) "Viaticalsettlement contract" means a written agreement establishing the termsunder which compensation or anything of value will be paid, which compensationor value is less than the expected death benefit of the policy, in return forthe viator's assignment, transfer, sale, devise, or bequest of the deathbenefit or ownership of any portion of the policy. A viatical settlementcontract also includes a contract for a loan or other financing transactionwith a viator secured primarily by a policy, other than a loan by a life insurancecompany under the terms of the life insurance contract, or a loan secured bythe cash value of a policy. A viatical settlement contract includes anagreement with a viator to transfer ownership or change the beneficiarydesignation at a later date regardless of the date that compensation is paid tothe viator.
(12) "Viaticalsettlement provider" or "provider" means a person, other than aviator, that enters into or effectuates a viatical settlement contract onresidents of this State or residents of another state from offices within thisState. "Viatical settlement provider" or "provider" doesnot include:
a. A bank, savingsbank, savings and loan association, credit union, or other licensed lendinginstitution that takes an assignment of a life insurance policy as collateralfor a loan;
b. The issuer of a lifeinsurance policy providing accelerated benefits under rules adopted by theCommissioner and under the contract;
c. An authorized oreligible insurer that provides stop‑loss coverage to a viaticalsettlement provider, purchaser, financing entity, special purpose entity, orrelated provider trust;
d. A natural person whoenters into or effectuates no more than one agreement in a calendar year forthe transfer of life insurance policies for any value less than the expecteddeath benefit;
e. A financing entity;
f. A special purposeentity;
g. A related providertrust;
h. A viaticalsettlement purchaser; or
i. An accreditedinvestor or qualified institutional buyer as defined respectively in RegulationD, Rule 501 or Rule 144A of the Federal Securities Act of 1933, as amended, andwho purchases a viaticated policy from a viatical settlement provider.
(13) "Viaticalsettlement purchase agreement" or "purchase agreement" means anagreement, entered into by a viatical settlement purchaser, to which the viatoris not a party, to purchase a life insurance policy or an interest in a lifeinsurance policy, that is entered into for the purpose of deriving an economicbenefit.
(14) "Viaticalsettlement purchaser" or "purchaser" means a person who gives asum of money as consideration for a life insurance policy or an interest in thedeath benefits of a life insurance policy or a person who owns or acquires oris entitled to a beneficial interest in a trust that owns a viatical settlementcontract or is the beneficiary of a life insurance policy that has been or willbe the subject of a viatical settlement contract for the purpose of deriving aneconomic benefit. "Viatical settlement purchaser" does not include:
a. A licensee underthis Part;
b. An accreditedinvestor or qualified institutional buyer as defined respectively in RegulationD, Rule 501 or Rule 144A of the Federal Securities Act of 1933, as amended;
c. A financing entity;
d. A special purposeentity; or
e. A related providertrust.
(15) "Viaticatedpolicy" means a policy that has been acquired by a viatical settlementprovider under a viatical settlement contract.
(16) "Viator"means the owner of a policy or a certificate holder under a group policy who entersor seeks to enter into a viatical settlement contract. For the purposes of thisPart, a viator shall not be limited to an owner of a life insurance policy or acertificate holder under a group policy insuring the life of an individual witha terminal or chronic illness or condition except where specifically addressed."Viator" does not include:
a. A licensee underthis Part;
b. An accreditedinvestor or qualified institutional buyer as defined respectively in RegulationD, Rule 501 or Rule 144A of the Federal Securities Act of 1933, as amended;
c. A financing entity;
d. A special purposeentity; or
e. A related providertrust. (2001‑436,s. 3; 2007‑298, s. 7.7; 2007‑484, s. 43.5.)
