Golden State Mulls Policy Resale Rules

The California Department of Insurance plans to hold a hearing June 9 on a proposal to update the state’s viatical settlement regulation.

The proposed regulation would be broad enough to apply to policyholders who were not terminally ill, but it would still be a narrowly focused viatical settlement regulation, not a broadly focused life settlement regulation, according to Jennifer Chambers, a senior staff counsel with the California department.

Officials at the California department have been working on the proposed regulation for several years.