Sec. 5. (a) As used in this chapter, “viatical settlement provider” means a person, other than a viator, that:

(1) enters into a viatical settlement contract with a viator; or

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Indiana Code 27-8-19.8-5

  • Contract: A legal written agreement that becomes binding when signed.
  • person: means an individual, an association, a corporation, a limited liability corporation, an estate, a partnership, a trust, or any other business or legal entity. See Indiana Code 27-8-19.8-7
  • 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.
  • viator: refers to the owner of a life insurance policy or a certificate holder under a group policy that insures the life of an insured who enters or seeks to enter into a viatical settlement contract. See Indiana Code 27-8-19.8-8
(2) obtains financing for the purchase, acquisition, transfer, or other assignment of one (1) or more viatical settlement contracts, viaticated policies, or interests in such a contract or policy, or otherwise sells, assigns, transfers, pledges, hypothecates, or disposes of one (1) or more viatical settlement contracts, viaticated policies, or interests in such a contract or policy.

     (b) The term does not include any of the following:

(1) A bank, savings bank, savings association, credit union, or other licensed lending institution that takes an assignment of a life insurance policy as collateral for a loan.

(2) The issuer of a life insurance policy that makes a policy loan, permits surrender of the policy, or pays other policy benefits, including accelerated benefits, in accordance with the terms of the policy.

As added by P.L.130-1994, SEC.47 and P.L.116-1994, SEC.70. Amended by P.L.32-1998, SEC.5; P.L.79-1998, SEC.32; P.L.136-2018, SEC.199.