HB 1437 (2005) -  Viatical Settlements

General Bill by Goodlette (CO-SPONSORS) Bilirakis; Goldstein; Hasner
Viatical Settlements: Specifies nonapplication of exemptions to viatical settlement investments; specifies offerings of viatical settlement investments as nonexempt transactions; authorizes the Financial Services Commission to adopt additional rules relating to securities registration; authorizes the commission to adopt rules establishing requirements and standards for disclosures and records relating to viatical settlement investments; requires the commission to adopt rules specifying requirements for investment advisors; requires the commission to establish by rule rules of conduct and prohibited business practices for investment advisers and associated persons; includes agents making an appointment under life insurance agent fee provisions; provides an additional ground for compulsory refusal, suspension, or revocation of licenses or appointments for transactions relating to viatical settlement contracts; prohibits activities by a person relating to viatical settlement contracts unless as a licensed life agent; specifies additional requirements for annual statements by viatical settlement provider licensees; provides an alternative bond provision for viatical settlement providers for a time period; prohibits persons from levying upon certain assets or securities; requires annual statements to contain specified information; includes the authority to deny a license among the adverse actions the Office of Insurance Regulation may take against a viatical settlement provider; revises licensure requirements for viatical settlement brokers; provides for self-appointment; provides for transfers of appointments; provides for termination of licenses; specifies a fiduciary duty of viatical settlement brokers; prohibits dividing or sharing compensation received by a life agent; specifies office jurisdiction over viatical settlement purchase agreements; authorizes the office to refer cases to the United States Securities and Exchange Commission for administrative action; provides application to life expectancy providers; revises a prohibited practice to apply to issuing life expectancies; requires an anti-fraud plan to include a life expectancy accuracy review process; revises application of a grace period for viatical settlement purchase agreements; repeals provisions relating to denial, suspension, revocation, or nonrenewal of viatical settlement broker licenses, effect of suspension or revocation of viatical settlement broker license, disclosures to viatical settlement purchasers, and false representations.
Companion Bill passed CS/SB 2412 Viatical Settlements By Banking and Insurance and Garcia
Effective Date: upon becoming a law.
Last Event: Companion Bill passed, Link/Iden/Sim/Compare passed, refer to CS/SB 2412 (Ch. 2005-237) on Monday, May 2, 2005 9:20 AM; HB Laid on Table
Date Available for Final Passage: Friday, April 29, 2005 3:24 PM

Referred Committees and Committee Actions

House Referrals

Related Bills

Bill # Subject Relationship
Bill #: CS/SB 2412 Subject: Viatical Settlements Relationship: Similar

Bill Text

  • Engrossed 1
    • A 838181 , Goodlette Date Filed: 04/28/05, Page#: 0, Line#: 975
  • Committee Substitute 1
    • A 747331 , Goodlette Date Filed: 04/26/05, Page#: 0, Line#: 173 House: Adopted 04/27/2005 03:21 PM
    • A 726135 , Goodlette Date Filed: 04/26/05, Page#: 0, Line#: 538 House: Adopted 04/27/2005 03:22 PM
    • A 277951 , Goodlette Date Filed: 04/26/05, Page#: 0, Line#: 682 House: Adopted 04/27/2005 03:22 PM
    • A 438343 (late) , Hasner Date Filed: 04/27/05, Page#: 0, Line#: 935 House: Adopted 04/27/2005 03:24 PM
    • A 960651 , Goodlette Date Filed: 04/26/05, Page#: 0, Line#: 1265 House: Adopted 04/27/2005 03:24 PM
  • Original Filed Version

Staff Analysis

Chamber Committee
Chamber: House Committee: Commerce Council 4/25/2005 8:56:10 AM
Chamber: House Committee: Insurance Committee 4/7/2005 12:56:13 PM
Chamber: House Committee: Insurance Committee 4/5/2005 9:20:46 PM

Vote History

(No Votes Recorded)

Bill History

Event Time Member Committee Ver.
Event: H Laid on Table, Link/Iden/Sim/Compare passed, refer to CS/SB 2412 (Ch. 2005-237) Time: 05/02/2005 - 9:20 AM Member: Committee: Version: e1
Event: H Substituted CS/SB 2412 Time: 05/02/2005 - 9:20 AM Member: Committee: Version: e1
Event: H Temporarily postponed, on Third Reading Time: 04/28/2005 - 5:43 PM Member: Committee: Version: e1
Event: H Amendment 838181 filed Time: 04/28/2005 - 9:06 AM Member: Committee: Version: e1
Event: H Added to Third Reading Calendar Time: 04/27/2005 - 5:24 PM Member: Committee: Version: c1
Event: H Amendment 960651 adopted Time: 04/27/2005 - 3:24 PM Member: Committee: Version: c1
Event: H Amendment 438343 adopted Time: 04/27/2005 - 3:24 PM Member: Committee: Version: c1
Event: H Amendment 277951 adopted Time: 04/27/2005 - 3:22 PM Member: Committee: Version: c1
Event: H Amendment 726135 adopted Time: 04/27/2005 - 3:22 PM Member: Committee: Version: c1
Event: H Amendment 747331 adopted Time: 04/27/2005 - 3:21 PM Member: Committee: Version: c1
Event: H Read 2nd time Time: 04/27/2005 - 3:19 PM Member: Committee: Version: c1
Event: H Amendment 438343 filed late Time: 04/27/2005 - 1:42 PM Member: Committee: Version: c1
Event: H Amendment 277951 filed Time: 04/26/2005 - 11:50 AM Member: Committee: Version: c1
Event: H Amendment 960651 filed Time: 04/26/2005 - 11:49 AM Member: Committee: Version: c1
Event: H Amendment 747331 filed Time: 04/26/2005 - 11:48 AM Member: Committee: Version: c1
Event: H Amendment 726135 filed Time: 04/26/2005 - 11:47 AM Member: Committee: Version: c1
Event: H Bill added to Special Order Calendar (4/27/2005) Time: 04/25/2005 - 5:28 PM Member: Committee: Version: c1
Event: H Added to Second Reading Calendar Time: 04/25/2005 - 12:59 PM Member: Committee: Version: c1
Event: H Bill released to House Calendar Time: 04/25/2005 - 12:59 PM Member: Committee: Version: c1
Event: H Pending review of CS under Rule 6.3 Time: 04/25/2005 - 9:09 AM Member: Committee: Version: __
Event: H Reported out of Commerce Council Time: 04/25/2005 - 8:57 AM Member: Committee: Commerce Council Version: __
Event: H Favorable with CS by Commerce Council Time: 04/20/2005 - 5:15 PM Member: Committee: Commerce Council Version: __
Event: H Added to Commerce Council agenda Time: 04/18/2005 - 3:26 PM Member: Committee: Commerce Council Version: __
Event: H Added to Commerce Council agenda Time: 04/12/2005 - 2:49 PM Member: Committee: Commerce Council Version: __
Event: H Now in Commerce Council Time: 04/12/2005 - 9:11 AM Member: Committee: Commerce Council Version: __
Event: H Withdrawn from State Administration Appropriations Committee Time: 04/12/2005 - 9:11 AM Member: Committee: State Administration Appropriations Committee Version: __
Event: H Now in State Administration Appropriations Committee Time: 04/07/2005 - 12:56 PM Member: Committee: State Administration Appropriations Committee Version: __
Event: H Reported out of Insurance Committee Time: 04/07/2005 - 12:56 PM Member: Committee: Insurance Committee Version: __
Event: H Favorable by Insurance Committee Time: 04/06/2005 - 5:15 PM Member: Committee: Insurance Committee Version: __
Event: H Added to Insurance Committee agenda Time: 04/04/2005 - 4:01 PM Member: Committee: Insurance Committee Version: __
Event: H Now in Insurance Committee Time: 03/18/2005 - 9:56 AM Member: Committee: Insurance Committee Version: __
Event: H Referred to Commerce Council Time: 03/18/2005 - 9:56 AM Member: Committee: Commerce Council Version: __
Event: H Referred to State Administration Appropriations Committee Time: 03/18/2005 - 9:56 AM Member: Committee: State Administration Appropriations Committee Version: __
Event: H Referred to Insurance Committee Time: 03/18/2005 - 9:56 AM Member: Committee: Insurance Committee Version: __
Event: H 1st Reading Time: 03/08/2005 - 10:57 PM Member: Committee: Version: __
Event: H Filed Time: 03/07/2005 - 8:01 AM Member: Goodlette Committee: Version: __

Statutes Referenced by this Bill

Statute Other Bill Citations
517.021
517.072
517.081 HB 381
517.1215
517.1217
624.501 HB 591 CS
626.015 HB 591 CS
626.112 HB 591 CS, HB 967, HB 1213
626.207
626.331
626.611
626.777
626.7845
626.9911
626.9912
626.9913
626.9914
626.9916
626.9917
626.99175
626.9918
626.9919
626.992
626.9921
626.9922
626.99235
626.99236
626.99245
626.9925
626.9926
626.9927
626.99275
626.99277
626.99278
626.9928
626.99285
626.99295