SC S636

Legislative Description

Enact The "life Settlements Act"; To Provide For The Regulation Of A Life Settlement Contract; To Provide For The Protection Of Persons Entering Into These Agreements Regarding Contractual And Property Rights Of A Life Insurance Policy Owner And Authorize The Director Of Insurance To Enforce The Provisions Of This Chapter; To Provide For The Licensing Of A Broker Or Producer To Enter Into Life Settlement Contracts; To Provide For The Suspension, Revocation, Or Refusal To Renew These Licenses; To Provide For Contract Requirements, Reporting And Privacy Requirements; To Authorize The Director To Examine The Business And Affairs Of A Licensee Or Applicant, Provide For Examination Reports And Confidentiality Of Examination Information, Prohibit Conflict Of Interest By An Examiner, And Provide For Immunity From Liability; To Provide For Advertising Requirements Of A Broker Or Licensed Provider; To Provide For Certain Disclosures To An Owner; To Provide Disclosure By A Proposed Owner Of A Life Insurance Policy If The Owner Intends To Pay Premiums With The Assistance Of Financing From A Lender That Will Use The Policy As Collateral To Support The Financing; To Require A Provider Entering Into A Life Settlement Contract With An Owner Of The Policy Where The Insured Is Terminally Or Chronically Ill To Obtain Certain Information; To Authorize The Director To Promulgate Regulations To Implement And Effectuate The Provisions Of This Chapter; To Provide For Prohibitive Practices, Fraud Prevention, And Control; And To Provide Penalties For Violations.

Last Action

Committee Referrals