A new Life Settlements Act has taken effect in Rhode Island without the benefit of the governor’s signature.
The law, introduced by state Rep. Brian Patrick Kennedy, D-Hopkinton, R.I., as H.B. 5199 and by state Sen. William Walaska, D-Warwick, R.I., as S. 229, was passed by the legislature in 2008, then vetoed by Gov. Donald Carcieri, R.
This year, Carcieri did not sign the bill, but he did not veto it. The bill became law once Carcieri passed it on to his secretary of state.
Kennedy and Walaska said they based their bill on the model recommended by the National Conference of Insurance Legislators, Troy, N.Y. Kennedy is the immediate past president of NCOIL.