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Q4 - Vol. 2, No. 2, October 2005 Life Settlement News
Update from Tom Offutt, J.D., Director of Compliance
There continue to be changes to the regulatory scene in 2005 as it relates to life settlement legislation in some jurisdictions. The line up of states that regulate life settlements now include: Indiana and Georgia, on November 5, 2005. New Jersey's viatical and life settlement law was recently signed by the Governor and will take effect on December 22, 2005. Colorado will join other states with life settlement regulation on January 1, 2006. Each of these state legislative enactments above include Producer Authority which enable a licensed life agent to conduct a life settlement transaction under authority of their existing life license via a registration process with the state insurance department. Nevada adopted Producer authority effective October 1, 2005 and Montana is finalizing its regulations for Producer authority as well in the current term. Also this year, Kentucky and Pennsylvania now provide for an exemption for licensed life agents from examination to apply for licensing as viatical settlement brokers. All of these changes have resulted in a further liberalization of licensing requirements for licensed life producers as this industry matures in stature as the secondary market for life insurance. Stay current on changes in licensing requirements by visiting the Compliance Page of our Web site at: http://www.advancedsettlements.com/assets/pages/compliance.php
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