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(a) The issuer of a viatical settlement interest or a security that represents or is secured by a viatical settlement interest shall provide the viatical settlement purchaser an opportunity to rescind the purchase. The issuer shall provide the viatical settlement purchaser 10 business days after execution of the viatical settlement purchase agreement to submit personally or mail a written notice of rescission to the address designated in the disclosure document required under 3 AAC 08.710(a) (5)(A)(i).
(b) The notice of rescission required under (a) of this section is sufficient if addressed to the entity designated for the notice at the address given in the disclosure statement required under 3 AAC 08.710(a) (5)(A)(i). The rescission notice is effective on the date that it is mailed or the date that it is received, whichever is earlier. The rescission notice may be in any form that expresses the intention of a purchaser to rescind the transaction.
(c) Within 90 days after the execution of the viatical settlement purchase agreement, the issuer shall provide the viatical settlement purchaser with a rescission offer using State of Alaska Form 08-118, if within that period the issuer has not identified a viatical settlement contract acceptable to and suitable for the viatical settlement purchaser and closed the transaction. The viatical settlement purchaser may accept the rescission offer within 10 business days after receiving it. The issuer shall keep a record of the rescission offer and its acceptance or rejection for at least three years after providing that offer, and shall provide that record to the administrator at the administrator's request.
(d) In this section, "business day" means a day other than Saturday, Sunday, or a state or federal holiday.
History: Eff. 4/20/2000, Register 154
Authority: AS 45.55.070
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Last modified 7/05/2006