                                 CODE OF VIRGINIA

COMMISSION AUTHORITY (§ 38.2-6014)

Pursuant to the authority granted by § 38.2-223, the Commission may promulgate
such rules and regulations as it may deem necessary to implement this chapter,
including, but not limited to:

1. Establishing standards for evaluating reasonableness of payments under
viatical settlement contracts for insureds who are terminally or chronically
ill. This authority includes, but is not limited to, 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. Viatical
settlement providers, where the insured is not terminally ill or chronically
ill, shall pay an amount greater than the cash surrender value or accelerated
death benefit then available;

2. Establish appropriate licensing requirements, fees, and standards for
continued licensure for viatical settlement providers and viatical settlement
brokers;

3. Requiring and setting the amount of any bond or other mechanism for financial
accountability for viatical settlement providers and viatical settlement
brokers; and

4. Adopting rules 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.

HISTORY: 1997, c. 814, § 38.2-5706; 2003, c. 717.