The Florida Senate

626.9911  Definitions.--As used in this act, the term:

(1)  "Department" means the Department of Insurance.

(2)  "Independent third-party trustee or escrow agent" means an attorney, certified public accountant, financial institution, or other person providing escrow services under the authority of a regulatory body. The term does not include any person associated, affiliated, or under common control with a viatical settlement provider or viatical settlement broker.

(3)  "Person" has the meaning specified in s. 1.01.

(4)  "Viatical settlement broker" means a person who, for valuable consideration, offers or attempts to negotiate viatical settlement contracts between a viator resident in this state and one or more viatical settlement providers. The term does not include an attorney, accountant, financial planner, or person acting under a power of attorney from the viator, who is retained to represent the viator and whose compensation is paid solely by the viator without regard to whether a viatical settlement contract is effected.

(5)  "Viatical settlement contract" means a written settlement entered into between a viatical settlement provider and a viator. The agreement must establish the terms under which the viatical settlement provider will pay compensation or anything of value.

(6)  "Viatical settlement provider" means a person who, in this state or from this state, enters into a viatical settlement contract with a viator. The term does not include:

(a)  Any bank, savings bank, savings and loan association, credit union, or other licensed lending institution that takes an assignment of a life insurance policy as collateral for a loan;

(b)  A life and health insurer that has lawfully issued a life insurance policy that provides accelerated benefits to terminally ill policyholders or certificateholders; or

(c)  Any natural person who enters into no more than one viatical settlement contract with a viator in 1 calendar year, unless such natural person has previously been licensed under this act or is currently licensed under this act.

(7)  "Viator" means a natural person who has a catastrophic or life-threatening illness or condition and who has the right to assign, transfer, sell, devise, or bequeath the benefits of his or her life insurance policy.

History.--s. 2, ch. 96-336; s. 22, ch. 97-93.