HB 1019 -- Viatical Settlements

Sponsor:  Gunn

This bill sets standards for viatical settlements.  A viatical
settlement is a contract to pay a person (viator) with a life--
threatening illness to receive the proceeds from his or her life
insurance policy.  The bill requires viatical settlement
providers, brokers, and representatives to obtain licenses from
the Department of Insurance.  The Department of Insurance can
also regulate the amounts paid by viatical settlement
contracts.  Viators must give informed written consent to
viatical settlement contracts and have an unconditional right to
rescind contracts before receiving payment.

The bill has an effective date of January 1, 2000.