Tennessee § 56-50-106 - Reporting requirements and privacy.

§ 56-50-106. Reporting requirements and privacy.

Each viatical settlement provider shall file with the commissioner on or before March 1 of each year an annual statement containing such information as the commissioner may prescribe by regulation. In addition to any other requirements, 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. Except as otherwise allowed or required by law, a viatical settlement provider, viatical settlement broker, viatical settlement investment agent, 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: 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; Is necessary to effect a viatical settlement purchase agreement between the viatical settlement purchaser and a viatical settlement provider and the viator and insured have provided prior written consent to the disclosure; 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 § 56-50-114(c); Is a term of or condition to the transfer of a policy by one (1) viatical settlement provider to another viatical settlement provider; 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; 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 Is required to purchase stop loss coverage or financial guaranty insurance. Acts 2009, ch. 604, § 7. Compiler’s Notes. Former chapter 50, §§ 56-50-101 —56-50-111 (Acts 2000, ch. 699, §§ 1, 4-13), concerning the Life Settlements Act, was repealed by Acts 2009, ch. 604, § 1, effective August 17, 2009. The apparent legislative intent, expressed in Acts 2009, ch. 604, § 20, was that the 2009 repeal and reenactment of title 56, ch. 50 by that act take effect July 1, 2009; however, since a public chapter cannot become effective on a date prior to becoming law, the code commission deems the repeal and reenactment by that act to take effect on August 17, 2009, in accordance with Tenn. Const., art. II, § 20. See Opinion of the Attorney General, June 25, 1982 (OAG 82-336).