Pursuant to the authority granted by § 38.2-223, the Commission maypromulgate such rules and regulations as it may deem necessary to implementthis chapter, including, but not limited to:
1. Establishing standards for evaluating reasonableness of payments underviatical settlement contracts for insureds who are terminally or chronicallyill. This authority includes, but is not limited to, regulation of discountrates used to determine the amount paid in exchange for assignment, transfer,sale, devise, or bequest of a benefit under a life insurance policy. Viaticalsettlement providers, where the insured is not terminally ill or chronicallyill, shall pay an amount greater than the cash surrender value or accelerateddeath benefit then available;
2. Establish appropriate licensing requirements, fees, and standards forcontinued licensure for viatical settlement providers and viatical settlementbrokers;
3. Requiring and setting the amount of any bond or other mechanism forfinancial accountability for viatical settlement providers and viaticalsettlement brokers; and
4. Adopting rules governing the relationship and responsibilities of bothinsurers and viatical settlement providers and viatical settlement brokersduring the viatication of a life insurance policy or certificate.
Pursuant to the authority granted by § 38.2-223, the Commission maypromulgate such rules and regulations as it may deem necessary to implementthis chapter, including, but not limited to:
1. Establishing standards for evaluating reasonableness of payments underviatical settlement contracts for insureds who are terminally or chronicallyill. This authority includes, but is not limited to, regulation of discountrates used to determine the amount paid in exchange for assignment, transfer,sale, devise, or bequest of a benefit under a life insurance policy. Viaticalsettlement providers, where the insured is not terminally ill or chronicallyill, shall pay an amount greater than the cash surrender value or accelerateddeath benefit then available;
2. Establish appropriate licensing requirements, fees, and standards forcontinued licensure for viatical settlement providers and viatical settlementbrokers;
3. Requiring and setting the amount of any bond or other mechanism forfinancial accountability for viatical settlement providers and viaticalsettlement brokers; and
4. Adopting rules governing the relationship and responsibilities of bothinsurers and viatical settlement providers and viatical settlement brokersduring the viatication of a life insurance policy or certificate.
Pursuant to the authority granted by § 38.2-223, the Commission maypromulgate such rules and regulations as it may deem necessary to implementthis chapter, including, but not limited to:
1. Establishing standards for evaluating reasonableness of payments underviatical settlement contracts for insureds who are terminally or chronicallyill. This authority includes, but is not limited to, regulation of discountrates used to determine the amount paid in exchange for assignment, transfer,sale, devise, or bequest of a benefit under a life insurance policy. Viaticalsettlement providers, where the insured is not terminally ill or chronicallyill, shall pay an amount greater than the cash surrender value or accelerateddeath benefit then available;
2. Establish appropriate licensing requirements, fees, and standards forcontinued licensure for viatical settlement providers and viatical settlementbrokers;
3. Requiring and setting the amount of any bond or other mechanism forfinancial accountability for viatical settlement providers and viaticalsettlement brokers; and
4. Adopting rules governing the relationship and responsibilities of bothinsurers and viatical settlement providers and viatical settlement brokersduring the viatication of a life insurance policy or certificate.
