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.