SB 145 - Delaware Life Settlements Act

• Repeals the 1999 Delaware Viatical Settlements Act and replaces it with a comprehensive new "Delaware Life Settlements Act" based on the National Conference of Insurance Legislators Model Act.

• Requires licensing and regulation of all persons engaged in life settlements business by the Insurance Commissioner, including detailed definitions, licensing standards, anti-fraud requirements, and examination authority.

• Establishes comprehensive protections for policy owners including mandatory disclosures, 15-day rescission rights, prohibition on settlements within 2 years of policy issuance (with limited exceptions), and restrictions on marketing practices.

• Defines fraudulent life settlement acts and establishes enforcement mechanisms including cease and desist orders, civil remedies, injunctive relief, and criminal penalties for violations.

• Implements effective 90 days after enactment with transition provisions allowing persons licensed under the former viatical settlements act to continue business pending new licensing approval.