The Pennsylvania House is considering a bill that would impose stricter reporting and confidentiality requirements on firms that buy and sell life settlements.

The bill, H.R. 2188, would amend the Pennsylvania Viatical Settlements Act to give viators the right to rescind a settlement contract within 60 days of the date the contract is executed or 30 days after the proceeds have been paid, whichever is earlier.

The bill was introduced by Rep. Dan Frankel, D-Allegheny, vice chairman of the House Insurance Committee.