Tennessee § 56-50-109 - Disclosure to insurer.

§ 56-50-109. Disclosure to insurer.

Prior to the initiation of a plan, transaction or series of transactions, a viatical settlement broker or viatical settlement provider shall fully disclose to an insurer a plan, transaction or series of transactions to which the viatical settlement broker or viatical settlement provider is a party, to originate, renew, continue or finance a life insurance policy with the insurer for the purpose of engaging in the business of viatical settlements at anytime prior to or during the first five (5) years after issuance of the policy. The insurer shall not disclose this information to any other viatical settlement provider or viatical settlement broker, including those affiliates of the insurer engaged in viatical settlement activity. Acts 2009, ch. 604, § 10. 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 Former chapter 50, §§ 56-50-101 —56-50-111 (Acts 2000, ch. 699, §§ 1, 4-13), concerning the Life Settlements Act, was repealed by Acts 2009, ch. 604, § 1, effective August 17, 2009.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). Cross-References. Confidentiality of public records, § 10-7-504 .