Introduced by Sen. Arlan Meekhof (R) on February 10, 2011, 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 Senate Insurance Committee on February 10, 2011.