2011 Senate Bill 129

Revise viatical settlements law

Introduced in the Senate

Feb. 10, 2011

Introduced by Sen. Arlan Meekhof (R-30)

To adopt various revisions to the state law on viatical settlements recommended by the National Association of Insurance Commissioners. Viatical settlements allow a person to invest in another person's life insurance policy by purchasing the policy (or part of it) at a price that is less than the death benefit of the policy. When the seller dies, the purchaser collects the death benefit. This is a means for life insurance owners to get cash before they die.

Referred to the Committee on Insurance