State RegulationsOH specificDifficulty 2/5
The Ohio Superintendent of Insurance finds that a viatical settlement broker misrepresented the terms of a settlement to a policy owner. Under ORC 3916.15, what may the superintendent do?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
ORC 3916.15 addresses disciplinary actions against viatical settlement brokers: misconduct such as misrepresenting settlement terms to an owner exposes the broker to disciplinary sanctions imposed by the Ohio Superintendent of Insurance, who directly regulates viatical settlement activity in this state.
Why the other options are wrong
- A) ORC 3916.15 provides for disciplinary sanctions; it does not create a personal premium-payment order as the remedy.
- C) Discipline is imposed by the superintendent under ORC 3916.15; it is not delegated to the issuing insurer.
- D) Viatical settlement brokers are regulated by the Ohio Superintendent of Insurance, not exclusively at the federal level.
Memory hook
Broker bends the truth, superintendent wields ORC 3916.15 discipline.