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§3915.Notice of Regulatory Action

A.Any licensee under this part (including a licensed life insurance producer acting as a viatical settlement broker) shall notify the commissioner of any regulatory action against the entity in any state within 60 days of such regulatory action.

B.Regulatory Actionshall include any fines, revocations, and suspensions imposed by a state or federal agency. Regulatory actions shall also include any consent agreements, stipulations, or other such agreements with any state or federal agency initiated as a result of allegations of wrong-doing or regulatory or legal infractions regardless of whether or not any wrongdoing was admitted by the licensee.

AUTHORITY NOTE:Promulgated in accordance with R.S. 22:3, 22:200.

HISTORICAL NOTE:Promulgated by the Department of Insurance, Office of the Commissioner, LR 35:

§3917.Minimum Financial Requirements

A.Any viatical settlement provider licensed under this part shall be at the time of initial licensure and at all times thereafter a solvent entity. Failure to maintain the required financial solvency shall be grounds for any appropriate action by the commissioner including, but not limited to the immediate issuance of both a cease and desist order and a summary suspension of the applicable license.

AUTHORITY NOTE:Promulgated in accordance with R.S. 22:3, 22:200.

HISTORICAL NOTE:Promulgated by the Department of Insurance, Office of the Commissioner, LR 35:

§3919.Notification of Change of Information

A.Every viatical settlement provider, viatical settlement broker or viatical settlement investment agent shall notify the commissioner, in writing, of any changes to the information submitted in association with the application. This notification shall be made within thirty days following the effective date of the change. Every such notification must contain the requisite documents as indicated below:

1.For an amendment to the articles of incorporation or other organizational documents, the notice must include a copy of the amended articles certified as true and correct by the proper domiciliary state official;
2.For a change in the officers, directors, natural person owning ten percent or more (directly or indirectly), partners, members, designated employees or other individuals responsible for the conduct of affairs of the applicant, the notice shall contain a completed biographical affidavit for each and every new individual named to such a position. The biographical affidavit shall be on a form accepted by the commissioner.
3.For a change in ownership of ten percent or more (directly or indirectly) where the new owner is not natural person, the notice shall contain a detailed description of the corporate organizational/ownership structure of the entity, its parent company and all affiliates. This description should include a chart showing the ownership percentages for any persons owning 10 percent or more of all affiliated entities up to and including the ultimate controlling person.

AUTHORITY NOTE:Promulgated in accordance with R.S. 22:3, 22:200.

HISTORICAL NOTE:Promulgated by the Department of Insurance, Office of the Commissioner, LR 35:

§3921.Continuing Education Requirements

A. Every viatical settlement broker and every life insurance producer acting as a viatical settlement broker shall complete a minimum of seven hours of continuing education courses focused on viatical settlements each year. If the licensee is a corporation, partnership, a limited liability corporation or other non-natural person, this requirement shall be met by an officer, director or employee who is acting as a viatical settlement broker on behalf of the entity.

1.The continuing education hours set forth above may be counted toward those required for other applicable producer licensing requirements provided the courses are approved for the additional license.

B.If the licensee is a non-resident of Louisiana they may comply with the continuing education requirements of their state of domicile or of any other in which they are licensed as a viatical settlement broker or are acting as a viatical settlement broker in lieu of compliance with this Section.

C.Beginning March 1, 2010, in conjunction with the filing of the annual report required by §3911 above, each viatical settlement broker and every life insurance producer acting as a viatical settlement broker shall certify and provide evidence that the continuing education requirements have been met for the previous year.

AUTHORITY NOTE:Promulgated in accordance with R.S. 22:3, 22:200.

HISTORICAL NOTE:Promulgated by the Department of Insurance, Office of the Commissioner, LR 35:

Persons interested in obtaining copies of Regulation 58 or in making comments relative to proposed Regulation 58 may do so at the public hearing or by writing to Barry E. Ward, Department of Insurance, P.O. Box 94214, Baton Rouge, LA 70804-9214. Written comments will be accepted through the close of business at 4:30 p.m. on Tuesday, November 25, 2008.

FISCAL AND ECONOMIC IMPACT STATEMENT FOR ADMINISTRATIVE RULES

RULE TITLE:  Viatical Settlements

I.ESTIMATED IMPLEMENTATION COSTS (SAVINGS) TO STATE OR LOCAL GOVERNMENT UNITS (Summary)

Louisiana Department of Insurance does not anticipate any implementation costs for proposed Regulation 58.

II.ESTIMATED EFFECT ON REVENUE COLLECTIONS OF STATE OR LOCAL GOVERNMENTAL UNITS (Summary)

Proposed Regulation 58 will have no impact on state revenues.

III.ESTIMATED COSTS AND/OR ECONOMIC BENEFITS TO DIRECTLY AFFECTED PERSONS OR NONGOVERNMENTAL GROUPS (Summary)

Viatical settlement brokers (non-governmental group) may incur additional costs due to the administrative rule change instituting seven hours of continuing education course requirements.

IV.ESTIMATED EFFECT ON COMPETITION AND EMPLOYMENT (Summary)

Implementation of proposed Regulation 58 should have no adverse impact oupon competition and employment in the state.

S. Denise Brignac

Robert E. Hosse

Deputy Commissioner

Staff Director

0810#070

Legislative Fiscal Office

Louisiana Register   Vol. 34, No. 10   October 20, 2008

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