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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 71. Rules Governing Viatical Settlement Providers and Viatical Settlement Brokers
11/21/2024

14VAC5-71-92. Prohibited practices.

A. A (i) viatical settlement provider or viatical settlement broker or (ii) any successor-in-interest to a viatical settlement provider that provides patient identifying information to any person or entity shall obtain from that person a signed affirmation that the person or entity will not further divulge the information without procuring the express, written consent of the insured for the disclosure. Notwithstanding the foregoing, if a person or entity referred to in clauses (i) and (ii) of this subsection is served with a subpoena and, therefore, compelled to produce records containing patient identifying information, it shall notify the viator and the insured in writing at their last known addresses within five business days after receiving notice of the subpoena.

B. A viatical settlement broker shall not, without the written agreement of the viator obtained prior to performing any services in connection with a viatical settlement, seek or obtain any compensation from the viator.

C. A viatical settlement provider or viatical settlement broker shall not discriminate in the making or soliciting of viatical settlements on the basis of race, age, sex, national origin, creed, religion, occupation, marital or family status or sexual orientation, or discriminate between viators with dependents and without dependents.

D. A viatical settlement provider or viatical settlement broker shall not pay or offer to pay any finder's fee, commission or other compensation to any viator's physician, attorney, accountant or other person providing medical, legal or financial planning services to the viator, or to any other person acting as an agent of the viator, other than a viatical settlement broker, with respect to the viatical settlement.

E. Viatical settlement providers and viatical settlement brokers shall not knowingly solicit purchasers who may have treated or have been asked to treat the illness, or who could influence the treatment of the illness, of the viators whose coverage would be the subject of investment in or purchase of a viaticated policy.

Statutory Authority

§§ 12.1-13 and 38.2-223 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 20, Issue 5, eff. November 1, 2003.

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