Indiana Code 27-8-19.8-8.7. Fiduciary duties of viatical settlement brokers

Sec. 8.7. A viatical settlement broker:

(1) represents only the viator; and

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Fiduciary: A trustee, executor, or administrator.
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 broker: means a person that represents a viator and for a fee, commission, or other valuable consideration, solicits, offers, or attempts to negotiate viatical settlements between a viator and one (1) or more viatical settlement providers. See Indiana Code 27-8-19.8-4.5
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) owes a fiduciary duty to the viator to act according to the viator’s instructions and in the best interest of the viator;

regardless of the manner in which the viatical settlement broker is compensated.

As added by P.L.32-1998, SEC.12.