Ohio Code 3916.20 – Rules
The superintendent of insurance may adopt rules in accordance with Chapter 119 of the Revised Code for purposes of implementing this chapter, including, but not limited to, rules that do the following:
Terms Used In Ohio Code 3916.20
- Bequest: Property gifted by will.
- Chronically ill: means having been certified within the preceding twelve-month period by a licensed health professional as:
(1) Being unable to perform, without substantial assistance from another individual, at least two activities of daily living, including, but not limited to, eating, toileting, transferring, bathing, dressing, or continence for at least ninety days due to a loss of functional capacity; or
(2) Requiring substantial supervision to protect the individual from threats to health and safety due to severe cognitive impairment; or
(3) Having a level of disability similar to that described in division (C)(1) of this section, as determined under regulations prescribed by the United States secretary of the treasury in consultation with the United States secretary of health and human services. See Ohio Code 3916.01
- Devise: To gift property by will.
- Policy: means an individual or group policy, group certificate, or other contract or arrangement of life insurance affecting the rights of a resident of this state or bearing a reasonable relation to this state, regardless of whether delivered or issued for delivery in this state. See Ohio Code 3916.01
- 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.
- Viatical settlement contracts: include but are not limited to contracts that are commonly termed "life settlement contracts" and "senior settlement contracts. See Ohio Code 3916.01
(A) Govern the relationship and responsibilities of insurers, viatical settlement providers, and viatical settlement brokers during the viatication of a policy.
(B) Establish standards for evaluating the reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill. This authority includes, but is not limited to, the regulation of discount rates used to determine the amount paid in exchange for the assignment, release, transfer, sale, devise, or bequest of a benefit under a policy insuring persons who are terminally or chronically ill.
(C) Establish appropriate licensing requirements, fees, and standards for continued licensure for viatical settlement providers and viatical settlement brokers.