632.69(9)(a)1.m.m. The experience and qualifications of the person who determines the life expectancy of the insured, including in-house staff, independent physicians, and specialty firms that weigh medical and actuarial data, the information the projection is based on, and the relationship of the projection maker to the provider, if any. 632.69(9)(a)2.2. At the time the disclosures in subd. 1. are provided, the provider shall provide to the purchaser a brochure approved by the commissioner describing the process of the purchase of a settled policy. 632.69(9)(b)(b) A provider shall disclose to a purchaser, in a document signed by the purchaser and provider, at least all of the following no later than at the time of the assignment, transfer, or sale of all of or an interest in a policy: 632.69(9)(b)1.1. All the life expectancy certifications obtained by the provider in the process of determining the price to be paid to the owner. 632.69(9)(b)2.2. Whether the premium payments or other costs related to the policy have been escrowed and, if so, the date upon which the escrowed funds will be depleted, whether the purchaser will be responsible for payment of premiums after the depletion of escrowed funds, and the amount of the premium if the purchaser is responsible for payment. 632.69(9)(b)3.3. Whether the premiums or other costs related to the policy have been waived and, if so, whether the purchaser will be responsible for payment of the premiums if the insurer that issued the policy terminates the waiver after purchase and, if so, the amount of the premiums. 632.69(9)(b)4.4. Whether the type of policy offered or sold is whole life, term life, universal life, a group policy, or another type of policy, any additional benefits contained in the policy, and the current status of the policy. 632.69(9)(b)5.5. If the policy is term insurance, the special risks associated with term insurance including the purchaser’s responsibility for additional premiums if the owner continues the term policy at the end of the current term. 632.69(9)(b)7.7. Whether the insurer that issued the policy has any additional rights that could negatively affect or extinguish the purchaser’s rights under the purchase agreement and, if so, what those rights are and under what conditions those rights are activated. 632.69(9)(b)8.8. The name and address of the person responsible for monitoring the insured’s condition, how often the monitoring is done, how the date of death is determined, and how and when the information will be transmitted to the purchaser. 632.69(10)(10) Disclosure to insurer. Before initiating a plan, transaction, or series of transactions, a broker or provider shall fully disclose to the insurer a plan, transaction, or series of transactions to which the broker or provider is a party to originate, renew, continue, or finance a policy with the insurer for the purpose of engaging in the business of life settlements at any time prior to, or during the first 5 years after, issuance of the policy. 632.69(11)(a)1.1. Before entering into a life settlement contract, a provider shall obtain all of the following: 632.69(11)(a)1.a.a. If the owner is the insured, a written statement from a licensed attending physician that the owner is of sound mind and under no constraint or undue influence to enter into a life settlement contract. 632.69(11)(a)1.b.b. A document in which the insured consents to the release of his or her medical records to a licensed provider, licensed broker, and the insurer that issued the policy covering the life of the insured. 632.69(11)(a)2.2. Within 20 days after an owner executes documents necessary to transfer any rights under a policy or within 20 days after the owner enters any agreement, option, promise, or any other form of understanding, express or implied, to settle the policy, the provider shall give written notice to the insurer that issued the policy that the policy has or will become a settled policy. 632.69(11)(a)3.3. The provider shall deliver a copy of the medical release required under subd. 1. b., a copy of the owner’s application for the life settlement contract, the notice required under subd. 2., and a request for verification of coverage to the insurer that issued the policy that is the subject of the life settlement. The provider shall use a form created by the National Association of Insurance Commissioners for verification of coverage unless the commissioner develops and approves another form. 632.69(11)(a)4.4. The insurer shall respond to a request for verification of coverage that is submitted on an approved form by a provider or broker within 30 calendar days after the date the request is received and shall indicate whether, based on the medical evidence and documents provided, the insurer intends to pursue an investigation regarding the validity of the insurance contract or possible fraud. The insurer shall accept a request for verification of coverage made on a form created by the National Association of Insurance Commissioners or any other form approved by the commissioner, and shall accept an original, facsimile, or electronic copy of the request and any accompanying signed authorization. 632.69(11)(a)5.5. Before or at the time of execution of the life settlement contract, the provider shall obtain a witnessed document in which the owner does all of the following: 632.69(11)(a)5.b.b. Represents that he or she has a complete understanding of the life settlement contract. 632.69(11)(a)5.c.c. Represents that he or she has a complete understanding of the benefits of the policy. 632.69(11)(a)5.d.d. Acknowledges that he or she is entering into the life settlement contract freely and voluntarily. 632.69(11)(a)5.e.e. If applicable, acknowledges that the insured has a terminal or chronic illness and that the terminal or chronic illness or condition was diagnosed after the policy was issued. 632.69(11)(a)6.6. If a broker performs any of the activities required in subd. 1., 2., 3., or 5., the provider shall be considered to have performed that activity. 632.69(11)(b)(b) All medical information solicited or obtained by any licensee shall be subject to the applicable provisions of state law relating to confidentiality of medical information, including s. 610.70. 632.69(11)(c)(c) All life settlement contracts entered into in this state shall provide the owner with an absolute right to rescind the contract before the earlier of 30 calendar days after the date on which the life settlement contract is executed by all parties or 15 calendar days after the life settlement proceeds have been sent to the owner as provided in par. (d). Rescission by the owner may be conditioned upon the owner both giving notice and repaying to the provider, within the rescission period, all proceeds of the settlement and any premiums, loans, and loan interest paid by or on behalf of the provider in connection with or as a consequence of the life settlement. If the insured dies during the rescission period, the life settlement contract is rescinded, subject to repayment, within 60 calendar days after the death of the insured, by the owner or the owner’s estate to the provider or purchaser of all life settlement proceeds and any premiums, loans, and loan interest that have been paid by the provider or purchaser. If a life settlement contract is rescinded under this paragraph, ownership of the policy shall revert to the owner or the owner’s estate if the owner is deceased, irrespective of any transfer of ownership of the policy by the owner, provider, or any other person. In the event of any rescission, if the provider has paid commissions or other compensation to a broker in connection with the rescinded life settlement contract, the broker shall refund the commissions and compensation to the provider within 5 business days following receipt of written demand from the provider, which demand shall be accompanied by the applicable document initiating the rescission within the rescission period, either the owner’s notice of rescission or the notice of death of the insured.