Insurance Company Practices

Insurance Company Practices A. Life insurance companies authorized to do business in this state shall respond to a request verification of coverage from a viatical settlement provider or a viaticalsettlement broker within thirty (30) calendar days of the date a request is received, subject to the following conditions: 1. A current authorization consistent with applicable law, signed by the policy owner or certificate holder, accompanies the request; 2. In the case of an individual policy, submission of a form substantially similar to Appendix B, which has been completed by the viatical settlement provider or the viatical settlement broker in accordance with the instructions on the form. 3. In the case of group insurance coverage: 4. Submission of a form substantially similar to Appendix C, which has been completed by the viatical settlement provider or viatical settlement broker in accordance with the instructions on the form, and 5. Which has previously been referred to the group policy holder and completedto the extent the information is available to the group policy holder. B. Nothing in this section shall prohibit a life insurance company and a viaticalsettlement provider or a viatical settlement broker from using anotherverification of coverage form that has been mutually agreed upon in writing inadvance of submission of the request. C. A life insurance company may not charge a fee for responding to a request forinformation from a viatical settlement provider or viatical settlement broker incompliance with this section in excess of any usual and customary charges tocontract holders, certificate holders or insureds for similar services. D. The life insurance company may send an acknowledgment of receipt of therequest for verification of coverage to the policy owner or certificate holder 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 thelife insurance contract.