Ohio Revised Code Search
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Section 3916.04 | Broker deemed to represent viator - fiduciary duty.
... owes a fiduciary duty to the viator to act according to the viator's instructions and in the best interest of the viator. |
Section 3916.05 | Forms to be approved by superintendent - fees.
...hall not use a viatical settlement contract form or provide a disclosure statement form to a viator in this state unless the viatical settlement contract form or the disclosure statement form is filed with and approved by the superintendent of insurance. The superintendent shall disapprove a viatical settlement contract form or a disclosure statement form if, in the superintendent's opinion, the viatical settlement c... |
Section 3916.06 | Required disclosures with application.
...ation for the viatical settlement contract: (a) That there are possible alternatives to viatical settlement contracts, including any accelerated death benefits offered under the viator's policy; (b) That some or all of the proceeds of the viatical settlement may be subject to federal income taxation and state franchise and income taxation, and that assistance should be sought from a professional tax advisor;... |
Section 3916.07 | Viatical settlement provider - duties - confidentiality of medical information.
...er Chapter 4731. of the Revised Code to practice medicine and surgery or osteopathic medicine and surgery. (2) A document in which the insured consents in writing, as required by division (E) of section 3916.13 of the Revised Code, to the release of the insured's medical records to a viatical settlement provider or viatical settlement broker and to the insurance company that issued the policy covering the life of t... |
Section 3916.08 | Right to rescind contract after receipt of proceeds.
...Each viatical settlement contract entered into in this state shall provide the viator with an unconditional right to rescind the contract for at least fifteen calendar days after the receipt of the viatical settlement proceeds. If the insured dies during the rescission period, the viatical settlement contract is deemed to have been rescinded, subject to repayment of all viatical settlement proceeds to the viatical se... |
Section 3916.09 | Independent escrow agent.
...ursuant to the viatical settlement contract and the escrow agreement. The escrow agent shall make payment within three business days of the date the escrow agent received the acknowledged forms from the insurance company. Funds are considered sent to a viator as of the date that the escrow agent either releases the funds for wire transfer to the viator or places a check for delivery to the viator via ... |
Section 3916.10 | Limiting contact with insured after settlement has occurred.
...a viatical settlement has occurred, contact with the insured for the purpose of determining the health status of the insured shall be made only by the viatical settlement provider, or the authorized representative of the viatical settlement provider. The viatical settlement provider, or authorized representative shall not contact the insured for the purpose of determining the insured's health status ... |
Section 3916.12 | Annual statement - financial statements.
...e viatical settlement provider's transactions: (1) Aggregate total of the value of unsettled viatical settlement contracts that have been signed by the viator but have not been settled as of the date of the report categorized by the number of days since the viator signed the contract; (2) Number of policies purchased, total amount of settlement paid for policies purchased, total face value of policies p... |
Section 3916.13 | Permitted disclosures.
...y or company, or any other person with actual knowledge of a viator or an insured's identity, shall not disclose that identity, including the viator or insured's name and individual identification data, or the viator or insured's financial or medical information, unless any of the following apply: (A) The disclosure is necessary to effect a viatical settlement, and the viator and insured have provided prior ... |
Section 3916.14 | Examination by superintendent.
...e to the superintendent. As far as is practical, the superintendent shall cooperate with that official for any examination of a foreign or alien licensee. (B) The licensee or applicant shall pay to the superintendent all costs, assessments, forfeitures, or fines incurred in conducting an examination under this section. The superintendent shall deposit the money into the state treasury to the credit of the depar... |
Section 3916.16 | Conditions permitting entering into viatical settlement contract within two-year period commencing with date of issuance of insurance policy or certificate.
...o enter into a viatical settlement contract prior to the application for or issuance of a policy that is the subject of the viatical settlement contract. (2) It is a violation of this chapter for any person to issue, solicit, market, or otherwise promote the purchase of a policy for the purpose of or with an emphasis on selling the policy. (B) It is a violation of this chapter for any person to enter into a viat... |
Section 3916.17 | Advertising of viatical settlement contracts.
... in any manner an incorrect or improper practice. (5) The words "free," "no cost," "without cost," "no additional cost," "at no extra cost," or words of similar import shall not be used with respect to any policy or to any benefit or service unless true. An advertisement may specify the charge for a benefit or a service or may state that a charge is included in the payment or use other appropriate language. (... |
Section 3916.171 | Fraudulent viatical settlement acts prohibited.
...commit a fraudulent viatical settlement act. (B) All of the following acts are fraudulent viatical settlement acts when committed by any person who, knowingly and with intent to defraud and for the purpose of depriving another of property or for pecuniary gain, commits, or permits any of its employees or its agents to commit them: (1) Presenting, causing to be presented, or preparing with knowledge or belief that... |
Section 3916.173 | Trusts to give appearance of insurable interest illegal.
...Trusts or other persons that are created to give the appearance of insurable interest and are used to initiate one or more policies for investors violate insurable interest laws and the prohibition against wagering on life. |
Section 3916.18 | Prohibiting fraudulent acts.
...apter or investigations of suspected or actual violations of this chapter. (2) No person in the business of viatical settlements shall knowingly or intentionally permit any person convicted of a felony involving dishonesty or breach of trust to participate in the business of viatical settlements. (B)(1) Each viatical settlement contract and each application for a viatical settlement, regardless of the form of... |
Section 3916.19 | Injunctions.
...lation. (B) Any person damaged by any act of a person in violation of any provision of this chapter may bring a civil action against the person committing the violation in a court of competent jurisdiction. A civil action brought under this division does not preclude the superintendent from exercising any regulatory, enforcement, or other authority available to the superintendent under this chapter. (C) In addit... |
Section 3916.20 | Rules.
...payments under viatical settlement contracts for persons who are terminally or chronically ill. This authority includes, but is not limited to, the regulation of discount rates used to determine the amount paid in exchange for the assignment, release, transfer, sale, devise, or bequest of a benefit under a policy insuring persons who are terminally or chronically ill. (C) Establish appropriate licensing r... |
Section 3916.99 | Penalty.
...(A) Whoever violates section 3916.02 of the Revised Code is guilty of a felony of the third degree. (B) Whoever violates division (A) of section 3916.171 of the Revised Code is guilty of a violation of section 2913.02 of the Revised Code. |
Section 3931.01 | Exchange of reciprocal or interinsurance contracts - execution of contracts.
...pursuant to this chapter for medical malpractice insurance shall be fully assessable and shall contain a statement, in boldface capital letters and in type more prominent than that of the balance of the contract, setting forth such terms of assessability. As used in this section, "medical malpractice insurance" means insurance coverage against the legal liability of the insured and against loss, damage, or expense in... |
Section 3931.011 | Reciprocal exchange - real estate powers.
...on of income or for the convenient transaction of its business. (3) A reciprocal exchange may engage in the activities described in division (A)(1)(b) and (c) of this section only to the extent permitted by the laws regulating the investments of insurance companies. (B) The attorney may execute any contract, deed, lease, mortgage, deed of trust, purchase or sale agreement, or any other contract or instrument to car... |
Section 3931.02 | Schedule of fees.
...Every attorney under section 3931.01 of the Revised Code shall pay to the superintendent of insurance for the use of the state the following fees: (A) For filing declaration, twenty-five dollars; (B) For filing each financial statement required by sections 3931.01 to 3931.13, inclusive, 3931.12 of the Revised Code, twenty dollars; (C) For filing each certificate of license, and certified copy thereof, two dollars... |
Section 3931.03 | Declaration under oath filed with superintendent of insurance.
...me or designation under which such contracts are issued, which name or designation shall not be so similar to any other name or designation previously adopted by an attorney, or by any insurance organization in the United States, prior to the adoption of such name or designation by the attorney, as to confuse or deceive, unless such other attorney or organization consents thereto in writing; (B) The location of the... |
Section 3931.04 | Action brought against attorney.
...Action on any contract of indemnity made by an attorney under section 3931.01 of the Revised Code, actions to recover taxes, and all other actions, may be brought against the attorney in the county in which the cause of action arises, or in which the claimant resides. In any such action against such attorney summons and process shall be served on the superintendent of insurance and must be made in duplicate; when so ... |
Section 3931.05 | Maintenance of reserve fund.
...ceived and receivable on unexpired contracts of indemnity running one year or less from date of issue, and a pro rata amount of premiums or deposits received or receivable on unexpired contracts of indemnity running more than one year from date of issue. If it appears to the superintendent of insurance that the assets, invested as permitted by the laws regulating the investments of insurance companies, and moneys acc... |
Section 3931.06 | Annual financial statement of attorney.
...such exhibits of the condition and transactions of the attorney as the superintendent, in such form and otherwise, reasonably prescribes. Such statement shall be verified by the oath of the attorney, or, if the attorney is a corporation, by the oath of its principal officer. Such attorney need not furnish lists of names and addresses of subscribers, except in case of an unpaid final judgment. |