28 Tex. Admin. Code § 3.1760 - Reporting Requirements

(a) General reporting requirements applicable to all life settlement providers. All life settlement providers must comply with the general reporting requirements set forth in paragraphs (1) and (2) of this subsection.

(1) On or after January 1 and before March 1 of each year, each life settlement provider must submit electronically via email in Excel format to lifehealth@tdi.texas.gov, for the previous calendar year, the life settlement provider data report form that is adopted by reference in this section, whether or not the provider conducted any transactions during the reporting period.

(2) In complying with the requirements of this section, a life settlement provider may not include any confidential information in the report or in any other way compromise the anonymity of any owner, owner's family members, or owner's spouse.

(b) Report requirements. The commissioner adopts by reference the Life Settlement Provider Data Report form (revised March 2013), to be filed pursuant to subsection (a) of this section. The form is available from the Texas Department of Insurance, Life and Health Division, Filings Intake, MC-LH-LHL, P.O. Box 12030, Austin, Texas 78711-2030, or by accessing the department's website at www.tdi.texas.gov/forms. The report must include the following:

(1) the name and license number of the submitting life settlement provider;

(2) a designated contact person for the report, including the individual's name, address, phone number, fax number, and email address; and

(3) with respect to life settlement contracts executed in Texas for which the insured is a resident of Texas during the reporting period for a policy settled not later than the fifth anniversary of the issue date of policy, as follows:

(A) the total number of life settlement contracts entered into during the immediately preceding calendar year, with the information categorized by policy issue year;

(B) the aggregate face amount of the policies settled during the immediately preceding calendar year, with the information categorized by policy issue year;

(C) the proceeds of life settlement contracts entered into during the immediately preceding calendar year, with the information categorized by policy issue year for policies issued in each of the last five years;

(D) the full name of each insurance company whose policies have been settled and the brokers that settled the policies; and

(E) the name and life settlement broker license number of any persons who estimated life expectancies for a life settlement contract.

(c) Disciplinary action. A life settlement provider that fails or refuses to submit any information required by this section is subject to disciplinary action under Insurance Code § 1111A.006 in addition to any other applicable penalty.

(d) 2011 and 2012 data. Notwithstanding the requirements of subsection (a) of this section, each life settlement provider must submit a report with the information required in this section within 60 days from the effective date of this rule for data regarding life settlement contracts entered during the period of January 1, 2011, to December 31, 2011, and January 1, 2012, to December 31, 2012, in Texas, for which the insured is a resident of Texas. A life settlement provider that has already provided complete information required in subsection (b)(3)(A) - (D) of this section by the effective date of this section meets the requirements of this subsection.

Notes

28 Tex. Admin. Code § 3.1760

The provisions of this §3.1760 adopted to be effective August 1, 2013, 38 TexReg 4357; Amended by Texas Register, Volume 47, Number 18, May 6, 2022, TexReg 2765, eff. 5/11/2022