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California Agency Proposes Settlement Rules

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The California Department of Insurance is rushing to implement a new life settlement law.

The law, based on S.B. 98, is set to take effect July 1.

The California department says it will implement S.B. 98 regulations on an emergency basis to give agents and brokers more time to comply with the regulations.

The proposed regulations would require marketers of life settlement investments to comply with new disclosure requirements.

The proposed regulations also offer life settlement brokers and agents a suggested format for registering with the California department.

A copy of the proposed S.B. 98 regulations is available here.