Ohio Code 3916.13 – Permitted disclosures
Except as otherwise permitted or required by law, a viatical settlement provider, viatical settlement broker, insurance company, insurance agent, insurance broker, information bureau, rating agency or company, or any other person with actual knowledge of a viator or an insured’s identity, shall not disclose that identity, including the viator or insured’s name and individual identification data, or the viator or insured’s financial or medical information, unless any of the following apply:
Terms Used In Ohio Code 3916.13
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- Financing entity: means an underwriter, placement agent, lender, purchaser of securities, purchaser of a policy from a viatical settlement provider, credit enhancer, or any other person that has a direct ownership interest in a policy that is the subject of a viatical settlement contract and to which both of the following apply:
(a) Its principal activity related to the transaction is providing funds to effect the business of viatical settlements or the purchase of one or more viaticated policies. See Ohio Code 3916.01
- person: means a natural person or a legal entity, including, but not limited to, an individual, partnership, limited liability company, limited liability partnership, association, trust, business trust, or corporation. See Ohio Code 3916.01
- 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
- Related provider trust: means a titling trust or any other trust established by a licensed viatical settlement provider or a financing entity for the sole purpose of holding ownership or beneficial interest in purchased policies in connection with a financing transaction, provided that the trust has a written agreement with the licensed viatical settlement provider under which the licensed viatical settlement provider is responsible for ensuring compliance with all statutory and regulatory requirements and under which the trust agrees to make all records and files related to viatical settlement transactions available to the superintendent of insurance as if those records and files were maintained directly by the licensed viatical settlement provider. 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.
- Special purpose entity: means a corporation, partnership, trust, limited liability company or other similar entity formed solely for one of the following purposes:
(i) To provide access, either directly or indirectly, to institutional capital markets for a financing entity or licensed viatical settlement provider;
(ii) In connection with a transaction in which the securities in the special purpose entity are acquired by qualified institutional buyers. See Ohio Code 3916.01
- Viatical settlement provider: means a person, other than a viator, that enters into or effectuates a viatical settlement contract. See Ohio Code 3916.01
- Viator: means the owner of a policy or a certificate holder under a group policy that has not previously been viaticated who, in return for compensation or anything of value that is less than the expected death benefit of the policy or certificate, assigns, transfers, sells, releases, devises, or bequests the death benefit or ownership of any portion of the policy or certificate of insurance. See Ohio Code 3916.01
(A) The disclosure is necessary to effect a viatical settlement, and the viator and insured have provided prior written consent to the disclosure.
(B) The disclosure is provided in response to an investigation or examination by the superintendent of insurance or by any other governmental officer or agency or pursuant to the requirements of division (C) of section 3916.18 of the Revised Code.
(C) The disclosure is a term of, or condition to, the transfer of a viaticated policy by one viatical settlement provider to another viatical settlement provider.
(D) The disclosure is necessary to permit a financing entity, related provider trust, or special purpose entity to finance the purchase of policies by a viatical settlement provider, and the viator and insured have provided prior written consent to the disclosure.
(E) The disclosure is necessary to allow the viatical settlement provider or its authorized representatives to make contacts for the purpose of determining health status.
(F) The disclosure is required to purchase stop-loss coverage or financial guaranty insurance.