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Does my state regulate Viatical and/or Life Settlements?

April 26, 2017life regulate settlements State viatical

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Does my state regulate Viatical and/or Life Settlements?

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Viatical/Life Settlements are regulated by state Insurance Departments. Some states have enacted statutes addressing the sale of life insurance policies insuring non-terminally or chronically ill individuals and some only laws that only regulate the sale of life insurance policies insuring terminally or chronically ill individuals and others do not regulate the transaction at all. Of those states that regulate the transaction, most require both the Viatical/Life Settlement Broker (facilitator of the transaction) and Viatical/Life Settlement Provider (purchaser of the policy) to be licensed. Please check with your state insurance department for viatical broker information.