OIR Notice of Proposed Rulemaking: Viatical Settlement Providers
Sep 19, 2008
The Florida Office of Insurance Regulation (“OIR”) has issued a Notice of Proposed Rulemaking regarding the following Rules:
69O-204.010, .020, .030, .040, .050: Viatical Settlement Providers
Pursuant to Florida’s Viatical Settlement Act, the OIR regulates viatical settlement providers, companies that purchase life insurance policies from the owners (viators). The policies are purchased at a discount off the face value for the purpose of investment. The viatical settlement providers, in turn, sell the viaticated policies to institutional investors. When the insured dies, the investors receive the full face amount, less costs, thereby recouping the initial purchase price, plus interest.
Florida law provides the authority for the Financial Services Commission to adopt Rules to administer the Viatical Settlement Act.
If requested in writing within 21 days of the date of the OIR notice, a Hearing will be held at the time, date, and place below. If not requested, this hearing will not be held.
Date: October 29, 2008
Time: 1:30 p.m.
Place: Room 116 of the Larson Building, 200 East Gaines Street, Tallahassee, Florida
A copy of the Notice and full text of the proposed Rules are attached for your review.
Should you have any questions or comments, please do not hesitate to contact Colodny Fass.