The director shall have the authority to:
(1) Adopt and promulgate rules and regulations to carry out the Viatical Settlements Act;
(2) Establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons with a terminal or chronic illness or condition. This authority includes, but is not limited to, regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a life insurance policy insuring the life of a person who is chronically ill or terminally ill;
(3) Establish appropriate licensing requirements, fees, and standards for continued licensure for viatical settlement providers and brokers;
(4) Require a bond or other mechanism for financial accountability for viatical settlement providers and brokers; and
(5) Adopt rules and regulations governing the relationship and responsibilities of insurers, viatical settlement providers, and viatical settlement brokers during the viatication of a life insurance policy or certificate.