(a) Before the sale of a viatical settlement interest, an issuer shall provide a prospective buyer with information that is sufficient to make an informed investment decision. The issuer shall also provide the information to the administrator upon request if the issuer is not otherwise required to file the information with the administrator. In this subsection, “information that is sufficient to make an informed investment decision” includes state-mandated disclosure forms and a disclosure of any significant factors that may affect the outcome of the investment.
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Terms Used In Alaska Statutes 45.56.210

  • administrator: means the commissioner of commerce, community, and economic development or a designee of the commissioner. See Alaska Statutes 45.56.900
  • agent: means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer's securities. See Alaska Statutes 45.56.900
  • Contract: A legal written agreement that becomes binding when signed.
  • insured: means insured as to payment of all principal and all interest. See Alaska Statutes 45.56.900
  • issuer: means a person that issues or proposes to issue a security, subject to the following:
    (A) the issuer of a voting trust certificate, collateral trust certificate, certificate of deposit for a security, or share in an investment company without a board of directors or individuals performing similar functions is the person performing the acts and assuming the duties of depositor or manager under the trust or other agreement or instrument under which the security is issued. See Alaska Statutes 45.56.900
  • person: means an individual, a corporation, a partnership, a limited liability company, a limited partnership, a limited liability partnership, an association, a joint-stock company, a trust in which the interests of the beneficiaries are evidenced by a security, an unincorporated organization, a government, or a political subdivision of a government. See Alaska Statutes 45.56.900
  • sale: includes every contract of sale, contract to sell, or disposition of a security or interest in a security for value, and "offer to sell" includes every attempt or offer to dispose of, or solicitation of an offer to purchase, a security or interest in a security for value. See Alaska Statutes 45.56.900
  • 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.
  • writing: includes printing. See Alaska Statutes 01.10.060
(b) Except as may be required in the course of conduct of the responsibilities of the administrator, an issuer of a viatical settlement interest may not disclose to another person the identity of the viator or insured of the insurance policy that is the subject of the viatical settlement interest. The viator may waive this prohibition against disclosure if the waiver is in writing and signed by the viator.
(c) The administrator shall regulate transactions between a viatical settlement provider or person acting as an agent of a viatical settlement provider and a subsequent investor, while the authority of the director of the division of insurance extends to the regulation of viatical settlement contracts under Alaska Stat. § 21.96.110.
(d) In this section,

(1) “viatical settlement contract” has the meaning given in Alaska Stat. § 21.96.110 (h);
(2) “viatical settlement interest”

(A) means the entire interest or any fractional interest in a life insurance policy or in the death benefit under a life insurance policy that is the subject of a viatical settlement contract;
(B) does not include the initial purchase from the viator by a viatical settlement provider;
(3) “viatical settlement provider” has the meaning given in Alaska Stat. § 21.96.110 (h);
(4) “viator” has the meaning given in Alaska Stat. § 21.96.110 (h).
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