West Virginia Code 33-13C-17 – Authority to promulgate rules
The commissioner shall have the authority to promulgate legislative rules, including emergency rules, implementing this article, pursuant to article three, chapter twenty-nine-a of this code. Such rules may include standards for evaluating reasonableness of payments under viatical settlement contracts for persons who are terminally or chronically ill; regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise or bequest of a benefit under a life insurance policy insuring the life of a person that is chronically or terminally ill; and provisions governing the relationship and responsibilities of both insurers and viatical settlement providers and viatical settlement brokers during the viatication of a life insurance policy or certificate.
Terms Used In West Virginia Code 33-13C-17
- Bequest: Property gifted by will.
- Chronically ill: means having been certified within the preceding twelve-month period by a licensed health professional as:
(A) Being unable to perform, without substantial assistance from another individual, at least two of the following activities of daily living, including, but not limited to, eating, toileting, transferring, bathing, dressing or continence due to a loss of functional capacity. See West Virginia Code 33-13C-2
- Devise: To gift property by will.
- Person: means a natural person or a legal entity, including, without limitation, an individual, partnership, limited liability company, association, trust or corporation. See West Virginia Code 33-13C-2
- Policy: means an individual or group policy, group certificate, contract or arrangement of life insurance owned by a resident of this state, regardless of whether delivered or issued for delivery in this state. See West Virginia Code 33-13C-2
- 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.
- Terminally ill: means certified by a physician as having an illness or physical condition that can reasonably be anticipated to result in death in twenty-four months or less. See West Virginia Code 33-13C-2