508E.11 Prohibited practices. 1. Except as provided in section 508E.12, it is a violation of this chapter for any person to enter into a viatical settlement contract at any time prior to the application or issuanceof a policy which is the subject of a viatical settlement contract or within a five-year periodcommencing with the date of issuance of the insurance policy or certificate. 2. An insurer shall not, as a condition of responding to a request for verification of coverage or effecting the transfer of a policy pursuant to a viatical settlement contract,require that the viator, insured, viatical settlement provider, or viatical settlement brokersign any form, disclosure, consent, or waiver form that has not been expressly approved bythe commissioner for use in connection with viatical settlement contracts in this state. 3. Upon receipt of a properly completed request for change of ownership or beneficiary of a policy, the insurer shall respond in writing within twenty days, with writtenacknowledgment confirming that the change has been effected or specifying the reasonswhy the requested change cannot be processed. the insurer shall respond in writing within twenty days, with writtenacknowledgment confirming that the change has been effected or specifying the reasonswhy the requested change cannot be processed. The insurer shall not unreasonably delayeffecting a change of ownership or beneficiary and shall not otherwise seek to interfere withany viatical settlement contract lawfully entered into in this state. 2008 Acts, ch 1155, §11Referred to in §508E.10, 508E.12 Sat Dec 23 00:41:28 2023 Iowa Code 2024, Section 508E.11 (16, 0)
Iowa Legal Code