508E.19 Authority to promulgate rules. The commissioner shall have the authority to do all of the following:1. Adopt rules implementing and administering this chapter.2. Establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill. This authority includesbut is not limited to regulation of discount rates used to determine the amount paid inexchange for assignment, transfer, sale, devise, or bequest of a benefit under a life insurancepolicy insuring the life of a person who is chronically or terminally ill. 3. Establish appropriate licensing requirements, fees, and standards for continued licensure for viatical settlement providers and brokers. 4. Require a bond or other mechanism for financial accountability for viatical settlement providers and viatical settlement brokers. 5. Adopt rules governing the relationship and responsibilities of both insurers and viatical settlement providers and viatical settlement brokers during the viatication of a life insurancepolicy or certificate. 2008 Acts, ch 1155, §19 Sat Dec 23 00:41:33 2023 Iowa Code 2024, Section 508E.19 (16, 0)
Iowa Legal Code