The Florida Senate

626.9914  Suspension, revocation, or nonrenewal of viatical settlement provider license; grounds; administrative fine.--

(1)  The department shall suspend, revoke, or refuse to renew the license of any viatical settlement provider if the department finds that the licensee:

(a)  Has made a misrepresentation in the application for the license;

(b)  Has engaged in fraudulent or dishonest practices, or otherwise has been shown to be untrustworthy or incompetent to act as a viatical settlement provider;

(c)  Demonstrates a pattern of unreasonable payments to viators;

(d)  Has been found guilty of, or has pleaded guilty or nolo contendere to, any felony, or a misdemeanor involving fraud or moral turpitude, regardless of whether a judgment of conviction has been entered by the court;

(e)  Has issued viatical settlement contracts that have not been approved pursuant to this act;

(f)  Has failed to honor contractual obligations related to the business of viatical settlement contracts;

(g)  Deals in bad faith with viators;

(h)  Has violated any provision of the insurance code or of this act;

(i)  Employs any person who materially influences the licensee's conduct and who fails to meet the requirements of this act; or

(j)  No longer meets the requirements for initial licensure.

(2)  The department may, in lieu of or in addition to any suspension or revocation, assess an administrative fine not to exceed $2,500 for each nonwillful violation or $10,000 for each willful violation by a viatical settlement provider licensee. The department may also place a viatical settlement provider licensee on probation for a period not to exceed 2 years.

(3)  If an employee of a viatical settlement provider violates any provision of this act, the department may take disciplinary action against such employee as if the employee were licensed under this act, including suspending or otherwise prohibiting the employee from performing the functions of a viatical settlement provider or viatical settlement broker as defined in this act.

History.--s. 5, ch. 96-336.