Minnesota’s new viatical settlements law went into effect on August 1, 2009. You can find the law here.

In brief, the law modifies existing statutes and stipulates that a broker or provider now need to be licensed by the state where the person who is selling the life policy resides. It also says that a licensed insurance agent in good standing will be allowed to operate as a viatical settlement broker. In addition, it sets grounds for a license to be suspended or revoked and for refusal to issue or renew the license of the provider, broker or agent.

The sponsors for the legislation were Rep. Joe Atkins (DFL-Inver Grove Heights) and Sen. Chris Gerlach (R-AppleValley).