Sec. 24. A viatical settlement provider shall obtain the following before entering into a viatical settlement contract:
(1) If the viator is the insured, a written statement from a licensed attending physician that the insured is of sound mind and under no constraint or undue influence.
(2) A document signed by the viator and witnessed by two (2) disinterested witnesses in which the viator does the following:
(A) Consents to the viatical settlement contract.
(B) If the insured has a catastrophic or life threatening illness or condition, acknowledges the catastrophic or life threatening illness or condition.
(C) Represents that the viator has a full and complete understanding of the viatical settlement contract.
(D) Represents that the viator has a full and complete understanding of the benefits of the life insurance policy.
(E) Acknowledges that the viator has entered into the viatical settlement contract freely and voluntarily.
(F) Discloses the identity of any person that served as a viatical settlement broker in connection with the viatical settlement contract.
(3) A document in which the insured consents to the release of the insured's medical records.
As added by P.L.130-1994, SEC.47 and P.L.116-1994, SEC.70. Amended by P.L.32-1998, SEC.25; P.L.223-2005, SEC.8.
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