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Viaticals Settlements Renewal

Viatical Settlements

IC 27-8-19.8-1 and 760 IAC 1-61-1

Viatical Settlement Brokers

Requirements for Brokers

Anytime there is a change in any disclosure form or any other document used by a Broker, they must first have the document approved by the department. Please send the corresponding checklist along with a red-lined version of the document and a copy of the changed document.

Broker FAQ’s

Q. Are there annual reporting requirements?

A. No.

Q. When does the declaration renew?

A. The declaration is perpetual; it does not renew.

Please submit all materials to:

Company Admissions Coordinator
Indiana Department of Insurance
311 W. Washington St, Suite 103
Indianapolis IN 46204

Viatical Settlement Provider

Annual Report Instructions

On or before March 1 of each calendar year, each viatical settlement provider licensed in Indiana shall make a report of all viatical transactions for the previous calendar year where the viator is a resident of Indiana or was a resident of Indiana at the time the contract was executed and for all states in the aggregate containing the following information.

Please use the Viatical Provider Annual Report Checklist as your coversheet

Please submit the following items:

1. The following for each viatical settlement contract executed or acquired during the reporting period: (click here for example)

  1. Date of viatical settlement contract.
  2. Life expectancy of the insured at the time of the contract, in months.
  3. Face amount of the policy viaticated.
  4. Net death benefit viaticated.
  5. Estimated total premiums to keep the policy in force for life expectancy.
  6. Net amount paid to viator.
  7. Source of policy: A – agent, B-broker, D-direct purchase or SM-secondary market
  8. Type of coverage: I-individual or G-group
  9. within the contestable or suicide period, or both, at the time of viatical settlement (yes or no)
  10. Primary International Classification of Diseases (ICD) diagnosis code, in numeric format.
  11. Type of funding: I- institutional or P-private

2. The following for each viatical settlement contract where death has occurred during the reporting period: (click here for example)

  1. Date of viatical settlement contract.
  2. Life expectancy of the insured at the time of the contract, in months.
  3. Net death benefit collected.
  4. Total premiums paid to maintain the policy: WP- waiver of premium or NA- not applicable
  5. Net amount paid to viator.
  6. Primary International Classification of Diseases (ICD) diagnosis code, in numeric format.
  7. Date of death.
  8. Amount of time between the date of contract and the date of death, in months.
  9. Difference between the number of months that passed between the date of the contract and the date of death and the life expectancy, in months, as determined by the reporting company
  10. Date policy was issued to viator.

3. Name and address of each viatical settlement agent and broker through whom the reporting company purchased a policy from a viator who resided in Indiana at the time of the contract.

4. Number of policies reviewed and rejected.

5. Number of policies purchased in the secondary market as a percentage of total policies purchased

6. A copy of the pricing memorandum.

*Note - All materials must be received postal mail, no faxes or emailed items accepted*

Please forward the annual report to:

Company Admissions Coordinator
Indiana Department of Insurance
311 W. Washington St, Suite 103
Indianapolis, IN 46204

Provider Renewal Instructions

A viatical settlement provider must apply to the department of insurance for a license renewal on or before June 1 of each year. If a completed renewal application, fee and required materials are not received on or before June 1, the license shall terminate automatically on July 1.

Please use the Viatical Provider Renewal Checklist as your coversheet

Required

  1. Completed Application for Licensure as a Viatical Settlement Provider.
  2. Renewal fee of $500.
  3. A list of current officers.
  4. A copy of the current audited financial statement showing a net worth in the amount of not less than $150,000.

Required Only if changes have been made since the last renewal

  1. Copies of the provider’s organization documents, including but not limited to:
    1. Articles of incorporation or association
    2. Partnership agreement
    3. By-laws
  2. Biographical affidavits for all officers, directors, stockholders, investors, partners, trustees or members holding ten percent (10%) or more voting securities. All new biographical affidavits must be originally signed, dated and notarized.
  3. List of all business licenses
  4. Listing of parent, subsidiary and affiliated entities
  5. A copy of any viatical settlement contract to be used, along with the Contract Compliance Checklist.
  6. A copy of any disclosure form to be used, along with the Disclosure Compliance Checklist.
  7. An original copy and a red-lined copy of any forms to be used by the Provider that have not been approved by the DOI and a Document Change Checklist
  8. Plan of operation including bank and escrow accounts, advertising or marketing techniques.

*Note - All materials must be received postal mail, no faxes or emailed items accepted*

Please forward the renewal to:

Company Admissions Coordinator
Indiana Department of Insurance
311 W. Washington St, Suite 103
Indianapolis, IN 46204

Form Review

All forms or disclosures given to a viator must be approved by the Department before use. Please complete the checklist for each form to be reviewed.

Please forward all forms to:

Company Admissions Coordinator
Indiana Department of Insurance
311 W. Washington St, Suite 103
Indianapolis, IN 46204

Provider Forms

Provider FAQ’s

Renewals

Q. When are renewals due?
A. On or before June 1st.

Q. Is there a renewal form?
A. Yes, check the “Forms” section of this page for the renewal form.

Q. What is the renewal fee?
A. Yes, a $500 non-refundable fee.

Q. What information is required to be sent with the renewal?
A. All information requested on the renewal form. Some items may not be required if changes have not been made since the last renewal, read the requirements carefully.

Annual Reports

Q. When are annual reports due?
A. Before March 1st.

Q. Is there a standardized form?
A. No. But there is a checklist of items required. Please see the “Forms” section of this page for the checklist.

Q. Is there an annual report filing fee.
A. No.

Q. Are the annual reports confidential?
A. The pricing memoranda can be requested to be confidential, if the provider follows the requirements of 760 IAC 1-61-8(1)(L).

Form Filing

Q. What forms are to be reviewed by the Department?
A. All Contracts, disclosures and forms are to be approved by the Department.

Q. What is the recommended format?
A. All forms are to be received to the Department via postal mail. An updated or revised form along with a red-lined version should be provided.

Q. Is there any checklist to be sent with the forms?
A. Yes, the Disclosure Form Checklist can be found on our website. This form needs to be filled out completely indicating where in the document the sited codes can be found. There is also a Document change Checklist for all other documents.

Q. How long does the process take?
A. The Department has sixty (60) days from the date of receipt to approve or deny any form

Q. How will the Provider know if their forms are approved?
A. The Department will send the Provider a letter stating that the forms were approved, usually via email. If the Provider wishes the forms returned they must submit a self-addressed stamped envelope.

Q. How will the Provider know if their forms are not approved?
A. The Department will send an email or letter indicating the deficiencies in the forms. The Provider will have fourteen (14) days to revise the forms.