New Jersey Statutes 17B:30B-15. Regulations, authority of commissioner
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Terms Used In New Jersey Statutes 17B:30B-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.
15. The commissioner shall have the authority to promulgate regulations implementing the provisions of this act pursuant to the “Administrative Procedure Act,” P.L.1968, c.410 (C. 52:14B-1 et seq.) including, but not limited to, the following:
a. Establishing standards for evaluating reasonableness of payments under viatical settlement contracts for persons terminally or chronically ill;
b. Establishing appropriate licensing requirements, fees and standards for continued licensure for viatical settlement providers;
c. Requiring a bond or other mechanism for financial accountability for viatical settlement providers; and
d. Governing the relationship and responsibilities of insurers, viatical settlement providers, life insurance producers and others in the business of viatical settlements during the period of consideration or effectuation of a viatical settlement contract.
L.2005,c.229,s.15.