(at the request of American Council of Life Insurers)
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Bill Title:
Relating to life insurance.
Catchline/Summary:
Revises regulations for life settlement insurance. Revises regulations for life settlement insurance.
Imposes regulations on life settlement investment agents. Creates new reporting requirements and disclosure requirements for persons in business of life settlements. Expands regulations on advertising of life settlement contracts, purchase agreements and related products.
Increases length of time life insurance policy owner is allowed to rescind life settlement contract. Permits life settlement contracts for policy owner and insured who are not terminally or chronically ill. Limits frequency of contact of insured for purpose of determining insured's health status after execution of life settlement contract.
Expands list of prohibited actions by persons in business of life settlements. Prohibits stranger-originated life insurance practices. Subject to exemptions, requires minimum of five-year time period between issuance of life insurance policy and agreement to life settlement contract. Requires life settlement providers and brokers to prepare and implement anti-fraud initiatives.
Adds private right of civil action against persons violating Act. Makes violation of Act unlawful trade practice. Makes certain violations of Act subject to criminal prosecution as theft or forgery.
Requires insurance company to give] provide notice to life insurance policy owner who is 60 years of age or older of alternatives to specified transactions] that other options for life insurance are available under certain circumstances.
Requires Director of Department of Consumer and Business Affairs to approve document that apprises life insurance policy owner of policy owner's rights.]
Directs Director of Department of Consumer and Business Services to inform public about rights of life insurance policy owners.
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