The Wisconsin Assembly has passed a bill, S.B. 513, that would require that a life insurance policy be in force at least 5 years before it could be sold in the secondary market.
Existing law in the state requires that a policy be in force only 2 years before it could be sold in a life insurance settlement.
The bill was sent to Gov. Jim Doyle, D, who has not yet acted on the legislation, according to Eileen Mallow, Wisconsin’s assistant deputy commissioner of insurance.