HB 1461 (2009) -  Viatical Settlements

General Bill by Hays
Viatical Settlements: Requires viatical settlement provider to file annual statement containing specified information; revises grounds for which OIR may suspend, revoke, deny, or refuse to renew license of viatical settlement provider; prohibits performing functions of life expectancy provider regarding viatical settlement contracts without first registering as life expectancy provider; revises restrictions on use of viatical settlement brokers, viatical settlement providers, & registered life expectancy providers; revises requirement to register to operate as life expectancy provider; limits scope of examination of business affairs of licensees by OIR or DFS; authorizes insurers to make inquiries to applicant for life insurance policy; prohibits insurer from rejecting application solely because premiums will be financed; authorizes insurer to make disclosures to applicant; authorizes insurer to require specified certifications from applicants or insureds; requires viatical settlement provider to obtain witnessed document containing specified provisions before execution of viatical settlement contract; provides for use of third-party trustee or escrow agent during viatical settlement transaction; prohibits person from engaging in stranger-originated life insurance; provides that viatical settlement contract is void under specified circumstances.
Effective Date: July 1, 2009
Last Event: Died in Insurance, Business & Financial Affairs Policy Committee on Saturday, May 2, 2009 12:00 AM

Referred Committees and Committee Actions

House Referrals

Related Bills

Bill # Subject Relationship
Bill #: SB 1924 Subject: Viatical Settlements [CPSC] Relationship: Identical
Bill #: HB 1167 Subject: Viatical Settlements Relationship: Compare
Bill #: SB 1882 Subject: Viatical Settlements [CPSC] Relationship: Compare

Bill Text

Staff Analysis

(None Available)

Vote History

(No Votes Recorded)

Bill History

Event Time Member Committee Ver.
Event: H Died in Insurance, Business & Financial Affairs Policy Committee Time: 05/02/2009 - 12:00 AM Member: Committee: Insurance, Business & Financial Affairs Policy Committee Version: __
Event: H Indefinitely postponed and withdrawn from consideration Time: 05/02/2009 - 12:00 AM Member: Committee: Version: __
Event: H Now in Insurance, Business & Financial Affairs Policy Committee Time: 03/09/2009 - 9:49 PM Member: Committee: Insurance, Business & Financial Affairs Policy Committee Version: __
Event: H Referred to Full Appropriations Council on General Government & Health Care Time: 03/09/2009 - 9:49 PM Member: Committee: Full Appropriations Council on General Government & Health Care Version: __
Event: H Referred to Government Operations Appropriations Committee Time: 03/09/2009 - 9:49 PM Member: Committee: Government Operations Appropriations Committee Version: __
Event: H Referred to General Government Policy Council Time: 03/09/2009 - 9:49 PM Member: Committee: General Government Policy Council Version: __
Event: H Referred to Insurance, Business & Financial Affairs Policy Committee Time: 03/09/2009 - 9:49 PM Member: Committee: Insurance, Business & Financial Affairs Policy Committee Version: __
Event: H 1st Reading Time: 03/03/2009 - 10:03 PM Member: Committee: Version: __
Event: H Filed Time: 03/02/2009 - 4:47 PM Member: Hays Committee: Version: __

Statutes Referenced by this Bill

Statute Other Bill Citations
626.9911 HB 1167
626.9913 HB 1167
626.9914 HB 1167
626.99175 HB 1167
626.992
626.9922
626.99234
626.9924 HB 1167
626.99245 HB 1167
626.9925
626.99275 HB 1167
626.99287 HB 1167