Section 91. Advertising

A. As used in this section, "advertising" means any written, electronic or printed communication or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet or similar communications media, including film strips, motion pictures and videos, published, disseminated, circulated or placed before the public, directly or indirectly, for the purpose of creating an interest in or inducing a person to sell a life insurance policy pursuant to a viatical settlement contract.

B. Pursuant to § 38.2-6003 B of the Code of Virginia, the commission may require the submission, by viatical settlement providers, at any time of advertising material used or intended for use in this Commonwealth. The Bureau of Insurance will provide notification of the requirements, if any, for the filing of advertising material by administrative letter. Failure of a person to receive or review such notification shall not be cause for exemption or grounds for noncompliance with any such requirements.

C. Each viatical settlement provider shall establish and at all times maintain a system of control over the method of dissemination, content, and form of all advertisements pursuant to each viatical settlement contract entered into or effectuated in this Commonwealth. All such advertising, regardless of by whom created, designed, or presented, shall be the responsibility of the viatical settlement provider. Each viatical settlement provider under this chapter shall maintain at its home or principal office a complete file containing a specimen copy of every advertisement, as described in subsection A of this section, disseminated in this Commonwealth with a notation indicating the manner and extent of distribution and a copy of the viatical settlement contract referred to in such advertisement. The file shall be subject to inspection by the commission. All the advertisements shall be maintained in the file until the filing of the next regular report of examination of the viatical settlement provider, but no longer than five years in accordance with the provisions of Chapter 60 (§ 38.2-6000 et seq.) of Title 38.2 of the Code of Virginia. A licensee under this chapter who, after notice and hearing, is found to have violated any provision of this chapter or a cease and desist order issued by the commission with respect to any provision of this chapter shall be punished in accordance with the provisions of Chapter 5 (§ 38.2-500 et seq.) of Title 38.2 of the Code of Virginia.

Historical Notes

Derived from Volume 20, Issue 05, eff. November 1, 2003.

Statutory Authority

§§ 12.1-13 and 38.2-223 of the Code of Virginia.