Section 10-7-710 - Legitimate insurance transactions

(1) Except where a life insurance policy is procured or effected in violation of section 10-7-708, nothing in this article prevents: (a) An owner of a policy, whether or not the owner of the policy is also the subject of the insurance, from entering into a viatical settlement contract;(b) Any person from soliciting a person to enter into a viatical settlement contract; or(c) An owner or beneficiary from enforcing the payment of all benefits and proceeds of the policy obtained under a viatical settlement contract.L. 2011: Entire part added, (SB 11-182), ch. 227, p. 976, §1, effective May 27.