Illinois Life Settlement Bill
Bill Status of SB2091
This Life Settlement Bill and Regulation will be effective Effective July 1, 2010.
Replaces everything after the enacting clause with the bill as introduced with the following changes. Provides for the regulation of viatical settlement providers, brokers, and life insurance producers acting as brokers who enter into viatical settlements. Sets forth license and bond requirements for viatical settlement providers and viatical settlement brokers. Sets forth requirements for initial and ongoing viatical settlement broker training. Provides that the Director of Insurance may refuse to issue or renew or may suspend or revoke the license of any viatical settlement provider based upon certain findings. Sets forth filing requirements and penalties for failing to file an annual statement. Provides that the Director may examine the business affairs of any licensee and sets guidelines for examination by the Director. Sets forth disclosure and privacy requirements. Requires viatical settlement contracts and disclosure statements to be approved by the Director. Provides for a period of time for rescission after certain disclosures are made. Provides that all viatical settlement contracts shall provide the viator with an absolute right to rescind the contract before the earlier of 30 days after the contract is executed or 15 days after the settlement proceeds have been paid. Provides standards for advertisement of viatical settlement services and contracts. Sets forth provisions concerning offenses and penalties and exemptions. Amends the Freedom of Information Act to exempt from disclosure certain documents required under the Viatical Settlements Act of 2009. Amends the Illinois Insurance Code to provide for license denial, nonrenewal, or revocation for failing to comply with any provision of the Viatical Settlements Act of 2009. Amends the Illinois Securities Law of 1953 to include viatical investment in the definition of "security" and to add a definition of "viatical investment". Repeals the Viatical Settlements Act. Contains a nonacceleration clause. Makes other changes.
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