Oklahoma § 36-4055.6 - Annual statement - Disclosure of insured's identity or

§ 36-4055.6. Annual statement - Disclosure of insured's identity or

information.

A. Each viatical settlement provider shall file with the

Insurance Commissioner on or before March 1 of each year an annual

statement containing information as the Commissioner may prescribe

by regulation. In addition to any other requirements, for any

policy settled within five (5) years of the date of issuance of the

policy, the annual statement shall specify the total number,

aggregate face amount and life settlement proceeds of policies

settled during the immediately preceding calendar year, together

with a breakdown of the information by policy-issue year. The

information shall be limited to only those transactions where the

viator is a resident of this state. Individual transaction data

regarding the business of viatical settlements or data that could

compromise the privacy of personal, financial and health information

of the viator or insured shall be filed with the Commissioner on a

confidential basis.

B. Except as otherwise allowed or required by law, a viatical

settlement provider, viatical settlement broker, insurance company,

insurance producer, information bureau, rating agency or company, or

any other person with actual knowledge of an insured’s identity,

shall not disclose that identity as an insured, or the insured’s

financial or medical information to any other person unless the

disclosure:

1. Is necessary to effect a viatical settlement between the

viator and a viatical settlement provider and the viator and insured

have provided prior written consent to the disclosure;

2. Is provided in response to an investigation or examination

by the Commissioner or any other governmental officer or agency or

pursuant to the requirements of subsection C of Section 13 of this

act;

3. Is a term of or condition to the transfer of a policy by one

viatical settlement provider to another viatical settlement

provider;

4. Is necessary to permit a financing entity, related provider

trust or special purpose entity to finance the purchase of policies

by a viatical settlement provider and the viator and insured have

provided prior written consent to the disclosure;

Oklahoma Statutes - Title 36. Insurance

5. Is necessary to allow the viatical settlement provider or

viatical settlement broker or their authorized representatives to

make contacts for the purpose of determining health status; or

6. Is required to purchase stop loss coverage or financial

guaranty insurance.

Added by Laws 2008, c. 183, § 6, eff. Nov. 1, 2008.