| (4) Exact copy. A form that, except for the life settlement
broker's or provider's name, address, phone number, or other similar
life settlement broker's or provider's identification information,
is an exact copy of a form the department reviewed or approved on
or after the effective date of this subchapter. This type of form
filing requires the information and certifications specified in subsection
(i)(1) and (4) of this section and is approved as of the date the
department receives it.
(5) Substitution for a previously approved form. A
form that is a substitute for a form the department previously reviewed
or approved on or after the effective date of this subchapter for
the same life settlement broker or provider, provided that the broker
or provider has not issued or otherwise used the previously reviewed
or approved form in Texas and will not use it in Texas at any time.
This type of form filing requires the information and certifications
specified in subsection (i)(1) and (4) of this section.
(6) Correction to a pending form. A form containing
corrections to a pending form submitted subsequent to the life settlement
broker or provider receiving notification of the pending form's deficiencies
from the department. This type of form filing requires the information
and certifications specified in subsection (i)(1) and (5) of this
section. The department must receive the filing no later than 30 days
following the date the life settlement broker or provider receives
written notification from the department of the form's deficiencies.
The department will consider the originally submitted form withdrawn
if it does not receive a corrected form within 30 days following the
date the notification of the form's deficiencies is sent. The department
will not approve or review a withdrawn form until the broker or provider
refiles it as a new form filing.
(7) Resubmission of a previously disapproved form.
A form containing corrections to a form subsequent to the life settlement
broker or provider receiving a disapproval letter from the department.
This type of form filing requires the information and certifications
specified in subsection (i)(1) and (7) of this section.
(i) Certifications, attachments, and other information.
A life settlement broker or provider must include in a filing the
certifications, attachments, and other information referred to in
this section as follows:
(1) A life settlement broker or provider, or the broker's
or provider's duly authorized representative or attorney, filing any
form with the department must certify on the transmittal checklist
that:
(A) the filer has reviewed and is familiar with all
applicable statutes and regulations of this state;
(B) the filer has reviewed the form filing; and
(C) to the best of the filer's knowledge and belief,
the filed form complies in all respects with the applicable statutes
and regulations of this state.
(2) A life settlement broker or provider filing a form
as file and use under subsection (f)(2) of this section must, in addition
to providing the certification specified in paragraph (1) of this
subsection, certify that:
(A) no corrections to the form have been requested
by the department; and
(B) the form has not been previously disapproved by
the department.
(3) A life settlement broker or provider filing a form
as review and approval prior to use under subsection (f)(1) of this
section must, in addition to providing the certification specified
in paragraph (1) of this subsection, certify that it will not use
the form until the department approves it. If, following the 60th
day from the date the department receives the form, the life settlement
broker or provider elects to use, issue, or deliver such form prior
to receiving approval from the department, the life settlement broker
or provider must have provided the certifications specified in paragraphs
(1) and (2) of this subsection.
(4) A life settlement broker or provider submitting
a form under subsection (h)(3), (4), or (5) of this section must provide
the certification specified in paragraph (1) of this subsection, in
addition to the following information and certification:
(A) the form number and approval date of the previously
approved form, including the broker's or provider's name if different
from the submitting broker or provider;
(B) a summary of the differences between the previously
approved form and the submitted form, including a description of any
deleted text. The submitted form must clearly identify all changes,
with new or modified text underlined; and
(C) a certification that the form contains no changes
other than those identified.
(5) A life settlement broker or provider submitting
a form pursuant to subsection (h)(6) of this section must provide
the certification specified in paragraph (1) of this subsection, in
addition to the following information and certification:
(A) the form number of the pending form;
(B) the name of the department's form review specialist
who reviewed the form;
(C) the date of notification of any form deficiencies;
(D) the tracking number of the pending form assigned
by the department;
(E) a summary of the differences between the previously
reviewed form and the corrected form, including a description of any
deleted text. The corrected form must clearly identify all changes,
with new or modified text underlined; and
(F) a certification that the form contains no changes
other than those identified.
(6) A life settlement broker or provider submitting
a form pursuant to subsection (h)(5) of this section must provide
the certification specified in paragraph (1) of this subsection and
a certification that the broker or provider has not issued or used
the original version of the form in Texas and will not use it in Texas
at any time.
(7) A life settlement broker or provider submitting
a form pursuant to subsection (h)(7) of this section must provide:
(A) a certification specified in paragraph (1) of this
subsection, as well as the information and certifications specified
in paragraph (5)(B), (D), (E), and (F) of this subsection;
(B) the form number of the disapproved form; and
(C) the date of disapproval by the department.
(j) Forms not qualified for review. The department
will not accept for review and will return to the life settlement
broker or provider form filings that are not accompanied by a completed
transmittal checklist or that do not contain all required information
or certifications. No filing fees will be refunded.
(k) Disapproval or withdrawal of previous approval;
request for corrections. Form disapprovals, withdrawals of previous
approvals, and requests for corrections to filed forms subject to
paragraphs (1) and (2) of this subsection.
(1) The department may disapprove, withdraw previous
approval, or request that a life settlement broker or provider make
corrections of any form filed pursuant to this section if the form:
(A) fails to comply with any applicable statutes or
regulations of this state;
(B) fails to meet any requirements of the Insurance
Code, including §§1111A.011, 1111A.012, 1111A.014, and 1111A.023(b);
(C) is unreasonable or contrary to the interests of
the public; or
(D) is otherwise misleading or unfair to the owner.
(2) When the department makes a request for corrections,
disapproves a form, or withdraws approval of a form pursuant to this
section, the department may require that the life settlement broker
or provider discontinue using the form, replace the form, or any other
appropriate remedy available by law.
(l) Notification of approval or disapproval. The department
will provide written notification of any approval or disapproval of
any form filed under this section.
(m) Additional requested information. The department
may request any additional information necessary for a comprehensive
review of any form in accord with the requirements in Insurance Code
Chapter 1111A.
(n) Request for hearing. The life settlement broker
or provider may make a written request for a hearing to the Texas
Department of Insurance, Chief Clerk, MC-GC-CCO, P.O. Box 12030, Austin,
Texas 78711-2030, on receiving notification under subsection (l) of
this section of any withdrawal of approval or disapproval of a form
by the department.
(o) Filing fees. Applicable fees for filings made pursuant
to this division are set forth in paragraphs (1) - (4) of this subsection.
(1) For filing a complete life settlement contract,
including forms related to the life settlement contract, a fee of
$100.
(2) For filing life settlement contract forms individually,
a fee of $100 for each filing.
(3) For filing a resubmission of a previously disapproved
life settlement contract form, a fee of $50.
(4) For each refiling of a previously withdrawn life
settlement contact form, a fee of $50.
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