Iowa Admin. Code r. 191-48.7 - Reporting requirements
Pursuant to Iowa Code section
508E.6,
on or before March 1 of each year, the secretary and either the president or
the vice president of each viatical settlement
(1)
Transaction information. The annual statement report shall
contain the following transaction information for all viatical settlement
transactions in which the viator is a resident of this state:
a. The following information pursuant to Iowa
Code section
508E.6:
(1) Total number of transactions;
(2) Aggregate face amount of all policies;
and
(3) Total proceeds of policies
settled;
b. For viatical
settlements contracted during the reporting period:
(1) Date of viatical settlement
contract;
(2) Viator's state of
residence at the time of the contract;
(3) Mean life expectancy, in months, of the
insured at time of contract;
(4)
Face amount of policy viaticated;
(5) Net death benefit viaticated;
(6) Estimated total premiums to keep policy
in force for mean life expectancy;
(7) Net amount paid to viator;
(8) Source of policy (B-Broker; D-Direct
Purchase; SM-Secondary Market);
(9)
Type of coverage (I-Individual; G-Group);
(10) Within the contestable or suicide
period, or both, at the time of viatical settlement (yes or no);
(11) If the insured is diagnosed as
terminally or chronically ill, the general disease classification applicable to
such insured; and
(12) Type of
funding (I-Institutional; P-Private).
c. For viatical settlements in which death of
the insured has occurred during the reporting period:
(1) Date of viatical settlement
contract;
(2) Viator's state of
residence at the time of the contract;
(3) Mean life expectancy, in months, of the
insured at time of contract;
(4)
Net death benefit collected;
(5)
Total premiums paid to maintain the policy (WP-Waiver of Premium; NA-Not
Applicable);
(6) Net amount paid to
viator;
(7) If the insured was
diagnosed as terminally or chronically ill, the general disease classification
applicable to such insured;
(8)
Date of death of insured;
(9)
Amount of time, in months, between date of contract and date of death of
insured;
(10) Difference between
the number of months that passed between the date of contract and the date of
death of insured and the mean life expectancy in months as determined by the
reporting company;
d.
Name and address of each viatical settlement broker through whom the reporting
company purchased a policy from a viator who resided in this state at the time
of contract;
e. Name of the
insurance companies whose policies have been settled;
f. Number of policies reviewed and rejected;
and
g. Number of policies purchased
from persons other than a viator (on the secondary market) as a percentage of
total policies purchased.
(2)
Additional required
information. The annual statement report shall also contain the
following documentation and statements:
a.
That the viatical settlement provider has at all times maintained books and
records in compliance with generally accepted accounting principles;
b. That the viatical settlement provider has
obtained and furnished to the commissioner either:
(1) A copy of the current year's audited
financial statement; or
(2) At the
commissioner's discretion, a copy of the current year's consolidated annual
audited financial statement with a financial guarantee from the provider 's
ultimate controlling person; and
c. That the viatical settlement provider has
maintained fidelity bonds on each officer and director in the amount of
$100,000.
d. Transaction
information as identified in subrule 48.7(1) for all states.
(3)
Form. The
annual statement report shall be submitted in a format prescribed by the
commissioner.
(4)
Late
fee. A viatical settlement provider that fails to timely file the
annual statement report pursuant to this rule shall pay a late fee of
$100.
Notes
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