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Wisconsin Life Settlement Rules Advance

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A group formed by the Wisconsin Office of the Commissioner of Insurance has proposed rules that would require life insurers to tell insureds about a variety of alternatives to letting policies lapse.

Issuers of policies with at least $100,000 in face value would have to tell policyholders who were thinking about surrendering policies, changing policies or letting policies lapse about the possibility of selling the policy in the life settlement market.

The notice requirement is part of a life settlement package that the life settlement subgroup at the Wisconsin office sent to Wisconsin Insurance Commissioner Sean Dilweg.