North Dakota Gov. John Hoeven has signed S.B. 2268, a bill that updates the state’s viatical settlement laws.
The North Dakota House passed the bill 75-18 in March, and the state Senate approved the bill unanimously earlier that month.
Now that Hoeven, a Republican, has signed the bill, the bill will become law Aug. 1, officials say.
S.B. 2268 resembles amendments to the Viatical Settlement model act now being developed by the National Association of Insurance Commissioners, Kansas City, Mo.
Bill provisions aimed at curbing the “investor-owned life insurance” market would require most consumers to hold life policies for at least 2 years before selling the policies, and they would require consumers who use “encumbered assets” to pay for policies to hold the policies for at least 5 years before selling the policies.