Oklahoma § 36-4055.16 - Authority of Commissioner

§ 36-4055.16. Authority of Commissioner

The Insurance Commissioner shall have the authority to:

1. Promulgate regulations implementing the Viatical Settlements

Act of 2008;

2. Establish standards for evaluating reasonableness of

payments under viatical settlement contracts for persons who are

terminally or chronically ill. This authority includes, but is not

limited to, regulation of discount rates used to determine the

amount paid in exchange for assignment, transfer, sale, devise or

bequest of a benefit under a life insurance policy insuring the life

of a person that is chronically or terminally ill;

3. Establish appropriate licensing requirements, fees and

standards for continued licensure for viatical settlement providers

and brokers;

4. Require a bond or other mechanism for financial

accountability for viatical settlement providers and brokers; and

5. Adopt rules governing the relationship and responsibilities

of both insurers and viatical settlement providers and viatical

settlement brokers during the viatication of a life insurance policy

or certificate.

Added by Laws 2008, c. 183, § 16, eff. Nov. 1, 2008.