| 1 | Representative(s) Goodlette offered the following: |
| 2 |
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| 3 | Amendment |
| 4 | Remove line(s) 975-1035 and insert: |
| 5 | (6) No viatical settlement broker, viatical settlement |
| 6 | provider, or insurance agent in the business of viatical |
| 7 | settlements in this state shall directly or indirectly own or be |
| 8 | an officer, director, or employee of a life expectancy provider. |
| 9 | (7) Each registered life expectancy provider shall provide |
| 10 | the office, as applicable, at least 30 days' advance notice of |
| 11 | any change in the registrants name, residence address, principal |
| 12 | business address, or mailing address. |
| 13 | (8) A person required to be registered by this section |
| 14 | shall for 5 years retain copies of all life expectancies and |
| 15 | supporting documents and medical records unless those personal |
| 16 | medical records are subject to different retention or |
| 17 | destruction requirements of a federal or state personal health |
| 18 | information law. |
| 19 | (9) An application for life expectancy provider |
| 20 | registration shall be approved or denied by the commissioner |
| 21 | within 60 calendar days following receipt of a completed |
| 22 | application by the commissioner. The office shall notify the |
| 23 | applicant that the application is complete. A completed |
| 24 | application that is not approved or denied in 60 calendar days |
| 25 | following its receipt shall be deemed approved. |
| 26 | (10) The office may, in its discretion, deny the |
| 27 | application for a life expectancy provider registration or |
| 28 | suspend, revoke, or refuse to renew or continue the registration |
| 29 | of a life expectancy provider if the office finds: |
| 30 | (a) Any cause for which registration could have been |
| 31 | refused had it then existed and been known to the office; |
| 32 | (b) A violation of any provision of this code or of any |
| 33 | other law applicable to the applicant or registrant; |
| 34 | (c) A violation of any lawful order or rule of the |
| 35 | department, commission, or office; or |
| 36 | (d) The applicant or registrant: |
| 37 | 1. Has been found guilty of or pled guilty or nolo |
| 38 | contendere to a felony or a crime punishable by imprisonment of |
| 39 | 1 year or more under the law of the United States of America or |
| 40 | of any state thereof or under the law of any other country; |
| 41 | 2. Knowingly and willfully aided, assisted, procured, |
| 42 | advised, or abetted any person in the violation of or to violate |
| 43 | a provision of the insurance code or any order or rule of the |
| 44 | department, commission, or office; |
| 45 | 3. Knowingly and with intent to defraud, provided a life |
| 46 | expectancy that does not conform to a applicant's or |
| 47 | registrant's general practice; |
| 48 | 4. Does not have a good business reputation or does not |
| 49 | have experience, training, or education that qualifies the |
| 50 | applicant or registrant to conduct the business of a life |
| 51 | expectancy provider; or |
| 52 | 5. Demonstrated lack of fitness or trustworthiness to |
| 53 | engage in the business of issuing life expectancies. |
| 54 | (11) The office may, in lieu of or in addition to any |
| 55 | suspension or revocation, assess an administrative fine not to |
| 56 | exceed $2,500 for each nonwillful violation or $10,000 for each |
| 57 | willful violation by a registered life expectancy provider. The |
| 58 | office may also place a registered life expectancy provider on |
| 59 | probation for a period not to exceed 2 years. |
| 60 | (12) It is a violation of this section for a person to |