LD 1907
pg. 11
Page 10 of 38 An Act To Govern and Regulate Life Settlements Page 12 of 38
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LR 2724
Item 1

 
C. The licensee as a viatical settlement provider
demonstrates unreasonable payments to viators;

 
D. The licensee or any officer, partner or key management
personnel of the licensee has been convicted of any felony
of which criminal fraud is an element; or

 
E. The licensee has violated any of the provisions of this
chapter or any rules adopted pursuant to this chapter.

 
1-A.__Superintendent's authority.__The superintendent may
deny, suspend, revoke or refuse to renew the license of a
settlement provider if the superintendent finds just cause to do
so, which may include, but is not limited to, a finding that:

 
A.__There was any material misrepresentation in the
application for the license or other information submitted
to the superintendent;

 
B.__The licensee or any officer, partner, director, member
or key management personnel of the licensee has been
convicted of fraudulent or dishonest practices, is subject
to a final administrative action to suspend or revoke a
settlement provider license or is otherwise shown to be
untrustworthy or incompetent to act as a settlement
provider;

 
C.__The licensee as a settlement provider demonstrates an
unreasonable pattern of payments to viators;

 
D.__The licensee or any officer, partner, director, member
or key management personnel of the licensee has been found
guilty of, or has pleaded guilty or nolo contendere to, any
crime involving fraud or moral turpitude, regardless of
whether a judgment of conviction has been entered by the
court;

 
E.__The settlement provider has entered into any settlement
contract that has not been approved pursuant to this
chapter;

 
F.__The settlement provider has failed to honor contractual
obligations set out in a settlement contract;

 
G.__The settlement provider no longer meets the requirements
for initial licensure;

 
H.__The settlement provider has assigned, transferred or pledged
a policy acquired pursuant to a settlement contract to a person
other than a settlement provider licensed in this State, an
accredited investor or qualified


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