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ARTICLE · 04 OCTOBER 2007

Florida To Develop Rule Requiring Extensive Disclosure To Viators In Viatical Settlement Transactions

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On August 24, 2007, the Florida Office of Insurance Regulation (OIR) published a notice that it intends to develop a new rule that would require viatical settlement providers and brokers to make detailed and comprehensive disclosures to viators regarding the terms of the offer and the compensation to be paid to brokers in viatical and life settlement transactions.

United StatesInsurance
Foley & Lardner
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On August 24, 2007, the Florida Office of Insurance Regulation (OIR) published a notice that it intends to develop a new rule that would require viatical settlement providers and brokers to make detailed and comprehensive disclosures to viators regarding the terms of the offer and the compensation to be paid to brokers in viatical and life settlement transactions. A viator is an owner of a life insurance policy who sells the policy to an investment company, known as a viatical or life settlement provider, for a purchase price that is greater than the cash surrender value of the policy. A broker acts as the agent of a viator in a viatical or life settlement transaction. Viatical and life settlements are regulated by OIR pursuant to Florida Statutes Part X, Chapter 626.

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