Oklahoma § 36-4055.4 - Denial, suspension, revocation or nonrenewal of license

§ 36-4055.4. Denial, suspension, revocation or nonrenewal of license

- Hearing.

A. The Insurance Commissioner may refuse to issue, suspend,

revoke or refuse to renew the license of a viatical settlement

provider or viatical settlement broker if the Commissioner finds

that:

1. There was any material misrepresentation in the application

for the license;

2. The licensee or any officer, partner, member or key

management personnel has been convicted of fraudulent or dishonest

Oklahoma Statutes - Title 36. Insurance

practices, is subject to a final administrative action or is

otherwise shown to be untrustworthy or incompetent;

3. The viatical settlement provider demonstrates a pattern of

unreasonable payments to viators;

4. The licensee or any officer, partner, member or key

management personnel has been found guilty of, or has pleaded guilty

or nolo contendere to, any felony, or to a misdemeanor involving

fraud or moral turpitude, regardless of whether a judgment of

conviction has been entered by the court;

5. The viatical settlement provider has entered into any

viatical settlement contract that has not been approved pursuant to

the Viatical Settlements Act of 2008;

6. The viatical settlement provider has failed to honor

contractual obligations set out in a viatical settlement contract;

7. The licensee no longer meets the requirements for initial

licensure;

8. The viatical settlement provider has assigned, transferred

or pledged a viaticated policy to a person other than a viatical

settlement provider licensed in this state, viatical settlement

purchaser, an accredited investor or qualified institutional buyer

as defined respectively in Rule 501(a) or Rule 144A promulgated

under the Federal Securities Act of 1933, as amended, financing

entity, special purpose entity, or related provider trust; or

9. The licensee or any officer, partner, member or key

management personnel has violated any provision of the Viatical

Settlements Act of 2008.

B. The Commissioner may suspend, revoke or refuse to renew the

license of a viatical settlement broker or a life insurance producer

operating as a viatical settlement broker pursuant to the Viatical

Settlements Act of 2008 if the Commissioner finds that the viatical

settlement broker or life insurance producer has violated the

provisions of the Viatical Settlements Act of 2008 or has otherwise

engaged in bad-faith conduct with one or more viators.

C. If the Commissioner denies a license application or

suspends, revokes or refuses to renew the license of a viatical

settlement provider, viatical settlement broker or suspends,

revokes, or refuses to renew a license of a life insurance producer

operating as a viatical settlement broker pursuant to the Viatical

Settlements Act of 2008 the Commissioner shall conduct a hearing in

accordance with the Administrative Procedures Act.

Added by Laws 2008, c. 183, § 4, eff. Nov. 1, 2008.