Delaware Code Title 18 Sec. 7516 – Authority to promulgate regulations
The Commissioner has the authority to:
(1) Promulgate regulations implementing this chapter.
(2) Establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill. This authority includes regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a life insurance policy insuring the life of a person that is chronically or terminally ill.
(3) Establish appropriate licensing requirements, fees, and standards for continued licensure for viatical settlement providers and viatical settlement brokers.
(4) Require a bond or other mechanism for financial accountability for viatical settlement providers.
(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 insurance policy or certificate.
72 Del. Laws, c. 132, § ?1; 81 Del. Laws, c. 172, § 1; 83 Del. Laws, c. 20, § 2;
Terms Used In Delaware Code Title 18 Sec. 7516
- Bequest: Property gifted by will.
- Chronically ill: means any of the following:
- Commissioner: means the Insurance Commissioner of this State. See Delaware Code Title 18 Sec. 7502
- Devise: To gift property by will.
- insurance policy: means an individual or group policy, group certificate, contract, or arrangement of life insurance owned by a resident of this State, regardless of whether delivered or issued for delivery in this State. See Delaware Code Title 18 Sec. 7502
- Person: means a legal entity, including an individual, partnership, limited liability company, association, trust, corporation, or other legal entity. See Delaware Code Title 18 Sec. 7502
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Terminally ill: means having an illness or sickness that can reasonably be expected to result in death in 24 months or fewer. See Delaware Code Title 18 Sec. 7502