Illinois Compiled Statutes 215 ILCS 159/15 – License revocation for viatical settlement providers
Current as of: 2024 | Check for updates
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(a) The Director may refuse to issue or renew or may suspend or revoke the license of any viatical settlement provider if the Director finds any of the following:
(1) there was any material misrepresentation in the
(1) there was any material misrepresentation in the
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application for the license;
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(2) the viatical settlement provider or any officer,
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partner, member, or controlling person uses fraudulent or dishonest practices or is otherwise shown to be untrustworthy, incompetent, or financially irresponsible in this State or elsewhere;
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(3) the viatical settlement provider demonstrates a
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pattern of unreasonable payments to viators;
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(4) the viatical settlement provider or any officer,
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partner, member, or controlling person has violated any insurance laws or any rule, subpoena, or order of the Director or of another state’s chief insurance regulatory official or is subject to a final administrative action brought by the Director or by the Illinois Secretary of State or by another state’s chief insurance regulatory official or chief securities regulatory official;
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(5) the viatical settlement provider has used a
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viatical settlement contract that has not been approved pursuant to this Act;
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(6) the viatical settlement provider has failed to
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honor contractual obligations set out in a viatical settlement contract;
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(7) the viatical settlement provider no longer meets
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the requirements for initial licensure;
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(8) the viatical settlement provider has assigned,
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transferred, or pledged a purchased policy to a person other than a viatical settlement provider licensed in this State, a viatical settlement purchaser, a financing entity, a special purpose entity, or a related provider trust; or
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(9) the viatical settlement provider or any officer,
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partner, member, or controlling person of the viatical settlement provider has violated any of the provisions of this Act.
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(b) If the Director denies a viatical settlement provider license application or suspends, revokes, or refuses to renew the license of a viatical settlement provider, the Director shall notify the applicant or viatical settlement provider and advise, in writing, the applicant or viatical settlement provider of the reason for the suspension, revocation, denial, or nonrenewal of the applicant’s or licensee’s license. The applicant or viatical settlement provider may make a written demand upon the Director within 30 days after the date of mailing for a hearing before the Director to determine the reasonableness of the Director’s action. The hearing must be held within not fewer than 20 days nor more than 30 days after the mailing of the notice of hearing and shall be held in accordance with the Illinois Administrative Procedure Act and 50 Ill. Adm. Code 2402.
Terms Used In Illinois Compiled Statutes 215 ILCS 159/15
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- Subpoena: A command to a witness to appear and give testimony.