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ARTICLE · 18 JUNE 2012

Recent Developments in the Life Settlement Industry - June 2012

Dechert
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The Delaware General Assembly is considering new legislation to address a contentious issue in the life settlement industry.

United StatesFinance and Banking
Patrick Dolan
Patrick Dolan
Robert Alleman
Robert Alleman

The Delaware General Assembly is considering new legislation to address a contentious issue in the life settlement industry. A new law proposed in May 2012, Delaware Senate Bill No. 220 (the Senate Bill), would require a life insurance company that rescinds an insurance policy on the grounds that the policy holder lacked an insurable interest to refund the premiums that the insurer has collected from the owner of the rescinded life insurance policy.1 If enacted, the Senate Bill would codify the Delaware common law with the stated goal of protecting investors in the secondary market for life insurance in Delaware.2 This DechertOn-Point discusses the Senate Bill's content and intended effect.

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