House Bill 4449

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    Florida House of Representatives - 1998                HB 4449

        By Representative Barreiro






  1                      A bill to be entitled

  2         An act relating to viatical settlement related

  3         provider trusts; amending s. 626.9911, F.S.;

  4         revising a definition; providing a definition;

  5         amending ss. 626.9912, 626.9913, 626.9914, and

  6         626.9921, F.S.; providing exclusions,

  7         limitations, requirements, and liability for

  8         related provider trusts; providing penalties;

  9         providing an effective date.

10

11  Be It Enacted by the Legislature of the State of Florida:

12

13         Section 1.  Subsection (5) of section 626.9911, Florida

14  Statutes, is amended, and subsection (8) is added to said

15  section, to read:

16         626.9911  Definitions.--As used in this act, the term:

17         (5)  "Viatical settlement contract" means a written

18  settlement entered into between a viatical settlement

19  provider, or its related provider trust, and a viator.  The

20  agreement must establish the terms under which the viatical

21  settlement provider will pay compensation or anything of

22  value.

23         (8)  "Related provider trust" means a trust established

24  by a viatical settlement provider for the purpose of owning

25  viatical settlement contracts. A related provider trust shall

26  be subject to all provisions of this part, except s. 626.9912,

27  that apply to the viatical settlement provider which

28  establishes the related provider trust. A viatical settlement

29  provider may establish no more than one related provider trust

30  and the sole trustee of such related provider trust shall be a

31  viatical settlement provider licensed under s. 626.9912. The

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    Florida House of Representatives - 1998                HB 4449

    543-153-98






  1  name of the licensed viatical settlement provider shall be

  2  included within the name of the related provider trust.

  3         Section 2.  Subsection (6) is added to section

  4  626.9912, Florida Statutes, to read:

  5         626.9912  Viatical settlement provider license

  6  required; application for license.--

  7         (6)  A related provider trust for which the sole

  8  trustee is a viatical settlement provider licensed under this

  9  part shall not be required to obtain a separate license under

10  this section.

11         Section 3.  Subsection (4) is added to section

12  626.9913, Florida Statutes, to read:

13         626.9913  Viatical settlement provider license

14  continuance; annual report; fees; deposit.--

15         (4)  A viatical settlement provider shall include in

16  all statements filed with the department all information

17  requested by the department regarding the related provider

18  trust established by the viatical settlement provider. There

19  shall be no additional annual license fee or deposit

20  requirements under this part for a related provider trust

21  established by a viatical settlement provider.

22         Section 4.  Subsection (4) is added to section

23  626.9914, Florida Statutes, to read:

24         626.9914  Suspension, revocation, or nonrenewal of

25  viatical settlement provider license; grounds; administrative

26  fine.--

27         (4)  If a viatical settlement provider establishes a

28  related provider trust under this part, the viatical

29  settlement provider shall be liable and responsible for the

30  performance of all obligations of the related provider trust

31  under all viatical settlement contracts entered into by the

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    Florida House of Representatives - 1998                HB 4449

    543-153-98






  1  related provider trust and for the compliance of the related

  2  provider trust with all provisions of this part. If the

  3  related provider trust violates any provisions of this part,

  4  the department may exercise all remedies set forth in this

  5  part for such violations against the viatical settlement

  6  provider, as well as the related provider trust.

  7         Section 5.  Subsection (3) is added to section

  8  626.9921, Florida Statutes, to read:

  9         626.9921  Filing of forms; required procedures;

10  approval.--

11         (3)  If a viatical settlement provider elects to use a

12  related provider trust in accordance with this part, the

13  viatical settlement provider shall file notice of its

14  intention to use a related provider trust with the department,

15  including a copy of the trust agreement of the related

16  provider trust and all contract forms or related forms to be

17  used by the related provider trust, at least 60 days before

18  the related provider trust enters into any contracts.

19         Section 6.  This act shall take effect upon becoming a

20  law.

21

22            *****************************************

23                          HOUSE SUMMARY

24
      Defines "related provider trust" for purposes of viatical
25    settlement agreements and provides for application of
      provisions relating to viatical settlements to related
26    provider trusts. See bill for details.

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