2009 House Bill 4890

Revise viatical settlements law

Introduced in the House

May 6, 2009

Introduced by Rep. Barb Byrum (D-67)

To adopt various revisions to the state law on viatical settlements recommended by the National Association of Insurance Commissioners. Viatical settlements allow a person to invest in another person's life insurance policy by purchasing the policy (or part of it) at a price that is less than the death benefit of the policy. When the seller dies, the purchaser collects the death benefit. This is a means for life insurance owners to get cash before they die.

Referred to the Committee on Insurance

May 14, 2009

Reported without amendment

With the recommendation that the substitute (H-2) be adopted and that the bill then pass.

Substitute offered

To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.

The substitute passed by voice vote

Passed in the House 109 to 1 (details)

Received in the Senate

May 19, 2009

Referred to the Committee on Economic Development and Regulatory Reform