Section 3.31.345. License disqualification.

	(a)  The director may deny issuance of, deny renewal of, suspend, or revoke the license of a viatical settlement representative, viatical settlement broker, or viatical settlement provider if the viatical settlement provider, viatical settlement broker, viatical settlement representative, or an officer, partner,  or member, or management personnel, of a viatical settlement provider, viatical settlement broker, or viatical settlement representative firm  
		(1) makes a material misrepresentation in the application for a license or renewal;  
		(2) engages in or is about to engage in a fraudulent, dishonest, or unfair marketing practice or transaction;  
		(3) has received a suspension or revocation of a viatical settlement license of any kind in another jurisdiction;  
		(4) exhibits conduct considered by the director to reflect incompetence or untrustworthiness, or to be a source of potential injury or loss to the public;  
		(5) is convicted of a felony;  
		(6) places or attempts to place a viatical settlement contract with or through a person who is not licensed as required in AS 21.96.110 or who does not have an appointment as required in 3 AAC 31.310;  
		(7) violates or participates in a violation of a provision of AS 21.96.110 or 3 AAC 31.300 - 3 AAC 31.449;  
		(8) fails to honor a contractual obligation of a viatical settlement contract;  
		(9) with intent to deceive, materially misrepresents the terms or effect of a viatical settlement contract;  
		(10) if a viatical settlement provider, assigns, transfers, or pledges a viaticated policy to a person other than a viatical settlement provider licensed in this state;  
		(11) deals with, or attempts to deal with, or to exercise a power relative to, a viatical settlement transaction outside the scope of the license of the licensee or applicant;  
		(12) demonstrates a pattern of unreasonable payments to viators; or  
		(13) no longer meets the requirements for licensure.  
	(b)  The director may deny issuance of, deny renewal of, suspend, or revoke the license of a firm and its compliance officer for a violation or cause that relates to a person representing or acting on behalf of the firm.   

Authorities

21.06.090;21.96.110;01.05.031;21.89.110;44.62.125

Notes

Reference

3 AAC 31.350

Authority

AS 21.06.090 AS 21.96.110 Editor's note: In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.89.110 as AS 21.96.110. As of Register 196 (January 2011), the regulations attorney made conforming technical revisions under AS 44.62.125(b)(6), to 3 AAC 31.345(a), so that cross-references to former AS 21.89.110 now refer to the renumbered statute, AS 21.96.110. In addition, the regulations attorney made a conforming technical revision to the authority citation that follows 3 AAC 31.345, so that the citation to former AS 21.89.110 now refers to the renumbered statute, AS 21.96.110.

History

Eff. 8/25/2002, Register 163

References

3.31.345