210 Neb. Admin. Code, ch. 76, § 009 - Insurance Company Practices
009.01 Life
insurance companies authorized to do business in this state shall respond to a
request for verification of coverage from a viatical settlement provider or a
viatical settlement broker within thirty (30) calendar days of the date a
request is received, including the insurer's intent whether to pursue an
additional investigation regarding possible fraud or the validity of the
insurance contract, subject to the following conditions:
(
009.01A) A current authorization consistent with applicable law,
signed by the policyowner or certificateholder, accompanies the
request;
( 009.01B) In the case of
an individual policy or group insurance coverage where details with respect to
the certificate holder's coverage are maintained by the insurer, submission of
a form substantially similar to Appendix A, which has been completed by the
viatical settlement provider or viatical settlement broker in accordance with
the instructions on the form.
009.02 Nothing in this section shall prohibit
a life insurance company and a viatical settlement provider or a viatical
settlement broker from using another verification of coverage form that has
been mutually agreed upon in writing in advance of submission of the
request.
009.03 A life insurance
company may not charge a fee for responding to a request for information from a
viatical settlement provider or viatical settlement broker in compliance with
this section in excess of any usual and customary charges to contractholders,
certificateholders or insureds for similar services.
009.04 The life insurance company may send an
acknowledgement of receipt of the request for verification of coverage to the
policyowner or certificateholder and, where the policy owner or certificate
owner is other than the insured, to the insured. The acknowledgment may contain
a general description of any accelerated death benefit that is available under
a provision of or rider to the life insurance contract.
Notes
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