General Bill
Viatical Settlements :
Conforms various provisions to the governmental reorganization creating the Department of Financial Services, the Financial Services Commission, and the Office of Insurance Regulation; revises requirements relating to viatical settlement provider licensure and continuation; requires annual statements to include audited financial statements and other information; prohibits viatical settlement providers from specified investing or lending activities; requires information relating to an annual statement to be made available to the Office of Insurance Regulation; prohibits levies by judgment creditors or other claimants; revises a criterion for adverse licensure actions; requires a life agent license to function as a viatical settlement broker; provides for application of life insurance policy provisions to viatical settlement contracts; authorizes transfer of viatical settlement broker appointments to a life agent license; terminates viatical settlement broker licenses and prohibits renewal; deletes provisions relating to viatical settlement broker licensure; clarifies application of adverse licensure activities to life agents acting as viatical settlement brokers; deletes provisions relating to viatical settlement purchase agreement forms; revises office examination requirements; deletes insured status and information tracking requirements; deletes conflict of regulation provisions relating to out-of-state residents and application; revises commission rulemaking requirements; specifies nonapplication to certain policy ownership transfers under court order; repeals provisions relating to disclosures to viatical settlement purchasers and misrepresentations, to further disclosures to viatical settlement purchasers, and to a licensure grace period for unlicensed viatical settlement providers or viatical settlement brokers.
Effective Date:
This act shall take effect upon becoming a law
Last Event:
Died in Subcommittee on Insurance Regulation on Friday, May 2, 2003 6:15 PM
| Bill #
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Subject
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Relationship
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Bill #:
SB 1904
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Subject:
Viatical Settlements
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Relationship:
Identical
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| Event |
Time |
Member |
Committee |
Ver. |
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Event:
H Died in Subcommittee on Insurance Regulation
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Time:
05/02/2003 - 6:15 PM
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Member:
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Committee:
Subcommittee on Insurance Regulation
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Version:
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Event:
H 1st Reading
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Time:
03/04/2003 - 10:30 AM
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Member:
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Committee:
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Version:
|
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Event:
H Bill referred to Appropriations
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Time:
02/26/2003 - 2:32 PM
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Member:
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Committee:
Appropriations
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Version:
|
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Event:
H Bill referred to Insurance
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Time:
02/26/2003 - 2:32 PM
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Member:
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Committee:
Insurance
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Version:
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Event:
H Bill referred to Subcommittee on Insurance Regulation
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Time:
02/26/2003 - 2:32 PM
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Member:
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Committee:
Subcommittee on Insurance Regulation
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Version:
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Event:
H File timely
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Time:
02/21/2003 - 12:21 PM
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Member:
Hasner
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Committee:
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Version:
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