Bill Text | History of Actions | Background | Title |
Description: Viatical Settlements Act; create to protect certain insurance policyholders.
Bill Text: [Introduced] [Passed House]
| 1 | 02/09/00 | (H) | Referred To Insurance | |
| 2 | 02/23/00 | (H) | Title Suff Do Pass | |
| 3 | 03/01/00 | (H) | Passed | |
| 4 | 03/03/00 | (H) | Transmitted To Senate | |
| 5 | 03/06/00 | (S) | Referred To Insurance | |
| 6 | 04/04/00 | (S) | Died In Committee |
| Effective date | July 1, 2000 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | Yes |
House Committee:
Senate Committee:
Principal Author: Stevens
Additional Author: Montgomery (74th)
Code Section: A 075-0071-0105
Title: AN ACT TO CREATE THE "VIATICAL SETTLEMENTS ACT" FOR THE PURPOSE OF PROTECTING CERTAIN VIATORS OR OWNERS OF LIFE INSURANCE POLICIES WHO ENTER INTO CONTRACTS TO SELL THEIR POLICIES FOR VALUES LESS THAN THE EXPECTED DEATH BENEFITS; TO PROVIDE DEFINITIONS; TO REQUIRE THAT VIATICAL SETTLEMENT PROVIDES, REPRESENTATIVES AND BROKERS SHALL BE LICENSED BY THE COMMISSIONER OF INSURANCE; TO PROVIDE LICENSING REQUIREMENTS; TO PROVIDE THAT THE COMMISSIONER OF INSURANCE MAY SUSPEND, REVOKE OR REFUSE TO RENEW THE LICENSE OF PERSONS VIOLATING THIS ACT; TO PROVIDE REQUIREMENTS FOR DISCLOSURE OF CERTAIN INFORMATION TO THE VIATOR BEFORE THE CONTRACT IS SIGNED; TO PROVIDE THAT THE COMMISSIONER OF INSURANCE MAY PROMULGATE RULES AND REGULATIONS GOVERNING THE RELATIONSHIP AND RESPONSIBILITIES OF THE INSURED AND THE VIATICAL SETTLEMENT PROVIDES, BROKERS AND REPRESENTATIVES IN ACCORDANCE WITH THIS ACT; TO AMEND SECTION 75-71-105 MISSISSIPPI CODE OF 1972, TO PROVIDE THAT VIATICAL SETTLEMENT INVESTMENT CONTRACTS SHALL BE CLASSIFIED AND REGULATED AS SECURITIES TO PROTECT INVESTORS OF THE VIATICAL COMPANIES; AND FOR RELATED PURPOSES.
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2000/html/History/HB/HB0829.htm