| (a) General reporting requirements applicable to all
life settlement providers. All life settlement providers must comply
with the general reporting requirements set forth in paragraphs (1)
and (2) of this subsection.
(1) On or after January 1 and before March 1 of each
year, each life settlement provider must submit electronically via
email in Excel format to lifehealth@tdi.texas.gov, for the previous
calendar year, the life settlement provider data report form that
is adopted by reference in this section, whether or not the provider
conducted any transactions during the reporting period.
(2) In complying with the requirements of this section,
a life settlement provider may not include any confidential information
in the report or in any other way compromise the anonymity of any
owner, owner's family members, or owner's spouse.
(b) Report requirements. The commissioner adopts by
reference the Life Settlement Provider Data Report form (revised March
2013), to be filed pursuant to subsection (a) of this section. The
form is available from the Texas Department of Insurance, Life and
Health Division, Filings Intake, MC-LH-LHL, P.O. Box 12030, Austin,
Texas 78711-2030, or by accessing the department's website at www.tdi.texas.gov/forms.
The report must include the following:
(1) the name and license number of the submitting life
settlement provider;
(2) a designated contact person for the report, including
the individual's name, address, phone number, fax number, and email
address; and
(3) with respect to life settlement contracts executed
in Texas for which the insured is a resident of Texas during the reporting
period for a policy settled not later than the fifth anniversary of
the issue date of policy, as follows:
(A) the total number of life settlement contracts entered
into during the immediately preceding calendar year, with the information
categorized by policy issue year;
(B) the aggregate face amount of the policies settled
during the immediately preceding calendar year, with the information
categorized by policy issue year;
(C) the proceeds of life settlement contracts entered
into during the immediately preceding calendar year, with the information
categorized by policy issue year for policies issued in each of the
last five years;
(D) the full name of each insurance company whose policies
have been settled and the brokers that settled the policies; and
(E) the name and life settlement broker license number
of any persons who estimated life expectancies for a life settlement
contract.
(c) Disciplinary action. A life settlement provider
that fails or refuses to submit any information required by this section
is subject to disciplinary action under Insurance Code §1111A.006
in addition to any other applicable penalty.
(d) 2011 and 2012 data. Notwithstanding the requirements
of subsection (a) of this section, each life settlement provider must
submit a report with the information required in this section within
60 days from the effective date of this rule for data regarding life
settlement contracts entered during the period of January 1, 2011,
to December 31, 2011, and January 1, 2012, to December 31, 2012, in
Texas, for which the insured is a resident of Texas. A life settlement
provider that has already provided complete information required in
subsection (b)(3)(A) - (D) of this section by the effective date of
this section meets the requirements of this subsection.
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