RSA 408-D:4 · License Revocation and Denial

408-D:4 License Revocation and Denial. –

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I.

The commissioner may refuse to issue, suspend, revoke, or refuse to renew the license of a life settlement provider, or a life settlement producer, or a life insurance producer operating as a life settlement producer if the commissioner finds that:

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(a)

There was any material misrepresentation in the application for the license;

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(b)

The licensee or any officer, partner, member, or key management personnel has been convicted of fraudulent or dishonest practices, is subject to final administrative action, or is otherwise shown to be untrustworthy or incompetent;

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(c)

The life settlement provider demonstrates a pattern of unreasonable payments to viators;

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(d)

The licensee or any officer, partner, member, or key management personnel has been found guilty of, or has pleaded guilty or nolo contendere to any felony, or to a misdemeanor involving fraud or moral turpitude, regardless of whether a judgment of conviction has been entered by the court;

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(e)

The life settlement provider has entered into any life settlement contract using a form that has not been approved pursuant to this chapter;

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(f)

The life settlement provider has failed to honor contractual obligations set out in a life settlement contract;

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(g)

The licensee no longer meets the requirements for initial licensure;

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(h)

The life settlement provider has assigned, transferred, or pledged a settled policy to a person other than a life settlement provider licensed in this state, life settlement purchaser, an accredited investor or qualified institutional buyer as defined respectively in Rule 501(a) or Rule 144A promulgated under the Federal Securities Act of 1933, as amended, financing entity, special purpose entity, or related provider trust; or

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(i)

The licensee or any officer, partner, member, or key management personnel has violated any provision of this chapter.

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II.

If the commissioner denies a license application or suspends, revokes, or refuses to renew the license of a life settlement provider or life settlement producer, or suspends, revokes, or refuses to renew a license of a life insurance producer operating as a life settlement producer pursuant to this chapter the commissioner shall conduct a hearing in accordance with RSA 541-A. Source. 2010, 132:1, eff. June 14, 2010.

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