Tennessee § 56-50-117 - Authority to promulgate regulations.

§ 56-50-117. Authority to promulgate regulations.

The commissioner shall have the authority to: Promulgate rules to effectuate the purposes of this chapter. The rules shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5; 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 who is chronically or terminally ill; Establish appropriate licensing requirements, fees and standards for continued licensure for viatical settlement providers, brokers and viatical settlement investment agents; Require a bond or other mechanism for financial accountability for viatical settlement providers and brokers; Adopt rules governing the relationship and responsibilities of both insurers and viatical settlement providers, viatical settlement brokers and viatical settlement investment agents during the viatication of a life insurance policy or certificate; and Establish guidelines and standards of permissible and impermissible conduct in the advertising of viatical settlements to assure that product descriptions are presented in a manner that prevents unfair, deceptive or misleading advertising, and is conducive to accurate presentation and description of viatical settlements through the advertising media and materials used by viatical settlement licensees. Acts 2009, ch. 604, § 18. 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 Former chapter 50, §§ 56-50-101 —56-50-111 (Acts 2000, ch. 699, §§ 1, 4-13), concerning the Life Settlements Act, was repealed by Acts 2009, ch. 604, § 1, effective August 17, 2009.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). Collateral References. State regulation of viatical life insurance programs, viatical settlements, and viatical investments. 28 A.L.R.6th 281.