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2009 was a big year of Life Settlement Regulations.
Currently, 39 states regulate life settlements.
banning STOLI in the state and prohibiting policy owners from entering into a life settlement for 2 years after a policy is issued
Illinois: imposes disclosure requirements and licensing and ethics standards on viatical and life settlement providers
Minnesota: imposes restrictions on selling policies within 4 years after purchase. It also modified existing statutes regulating settlements.
Nevada:seek to eliminate STOLI, which limit the ability of policyholders to sell policies within 5 years after they have purchased the policies
New York: passed life settlement bill. The law establishes disclosure requirements, privacy protections and rescission rights.
North Dakota: seek to eliminate STOLI, which limit the ability of policyholders to sell policies within 5 years after they have purchased the policies.
Rhode Island: passed life settlement bill which will be effective 7/1/2010 and requires brokers to disclose compensation and other information to policy owners
Vermont: seek to eliminate STOLI, which both limit the ability of policyholders to sell policies within 5 years after they have purchased the policies.
Washington: requires that life insurers notify insureds age 60 and up who are seriously or terminally ill that they have alternatives to giving up or cashing in their policy. It also specifies that life insurance policy owners may not enter a settlement agreement within 2 years of receiving their policy and requires that policies settled within 5 years of issuance be reported to the state Office of the Insurance Commissioner.
West Virginia: seek to eliminate STOLI, which limit the ability of policyholders to sell policies within 5 years after they have purchased the policies.
Currently, 39 states regulate life settlements.
banning STOLI in the state and prohibiting policy owners from entering into a life settlement for 2 years after a policy is issued
Illinois: imposes disclosure requirements and licensing and ethics standards on viatical and life settlement providers
Minnesota: imposes restrictions on selling policies within 4 years after purchase. It also modified existing statutes regulating settlements.
Nevada:seek to eliminate STOLI, which limit the ability of policyholders to sell policies within 5 years after they have purchased the policies
New York: passed life settlement bill. The law establishes disclosure requirements, privacy protections and rescission rights.
North Dakota: seek to eliminate STOLI, which limit the ability of policyholders to sell policies within 5 years after they have purchased the policies.
Rhode Island: passed life settlement bill which will be effective 7/1/2010 and requires brokers to disclose compensation and other information to policy owners
Vermont: seek to eliminate STOLI, which both limit the ability of policyholders to sell policies within 5 years after they have purchased the policies.
Washington: requires that life insurers notify insureds age 60 and up who are seriously or terminally ill that they have alternatives to giving up or cashing in their policy. It also specifies that life insurance policy owners may not enter a settlement agreement within 2 years of receiving their policy and requires that policies settled within 5 years of issuance be reported to the state Office of the Insurance Commissioner.
West Virginia: seek to eliminate STOLI, which limit the ability of policyholders to sell policies within 5 years after they have purchased the policies.
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