Introduced by Sen. Arlan Meekhof R-West Olive 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. Official Text and Analysis.
Referred to the Senate Insurance Committee on February 10, 2011