Section 6-B2221. VIATICAL SETTLEMENT

 

2221.1An insured employee or annuitant who is terminally ill may make a viatical settlement in accordance with these rules and procedures to be issued by the Director of the DCHR.

 

2221.2An insured individual who elects to viaticate must assign all of his or her insurance coverage, except that accidental dismemberment insurance and family optional insurance are excluded from such assignment.

 

2221.3The assignment of an individual's life insurance coverage shall be irrevocable.

 

2221.4The assignment shall become effective when recorded by the life insurance company authorized to provide life insurance coverage for the DCEGLI program.

 

2221.5When an insured employee or annuitant makes a viatical settlement, any prior designation of beneficiary which might have been made shall be automatically cancelled and the insured person shall no longer have the right to designate a beneficiary.

 

2221.6An assignee shall have the right to make beneficiary changes and to apply for conversion of the life insurance coverage under the same conditions as were available to the insured employee or former employee for conversion as provided in this chapter.

 

 

authority

Mayor’s Order 2008-92, dated June 26, 2008, and in accordance with the provisions of Chapter XXII of the District of Columbia Government Comprehensive Merit Personnel Act of 1978 (CMPA), effective March 3, 1979 (D.C. Law 2-139; D.C. Official Code § 1-622.01 et seq. (2012 Supp.)).

source

Final Rulemaking published at 44 DCR 2833 (May 9, 1997); as amended by Final Rulemaking published at 44 DCR 5368 (September 19, 1997); as amended by Final Rulemaking published at 60 DCR 11218 (August 2, 2013).