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Glossary of Legislative Terms

CS/SB 650: Viatical Settlements

GENERAL BILL by Banking and Insurance ; Legg

Viatical Settlements; Defining the terms “business of viatical settlements,” “fraudulent viatical settlement act,” and “stranger-originated life insurance practice”; requiring additional information in an annual statement filed by viatical settlement provider licensees; adding an act that warrants the imposition of administrative penalties against viatical settlement provider licensees; requiring viatical settlement providers to provide viators with a disclosure statement before or concurrently with a viator’s execution of a viatical settlement contract, etc.

Effective Date: 7/1/2016
 Last Action: 3/11/2016 Senate - Died in Appropriations Subcommittee on General Government
Bill Text: Web Page | PDF
Senate Committee References:
  1. Banking and Insurance (BI)
  2. Appropriations Subcommittee on General Government (AGG)
  3. Appropriations (AP)

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  • Bill History

    Date Chamber Action
    10/27/2015 Senate • Filed
    11/4/2015 Senate • Referred to Banking and Insurance; Appropriations Subcommittee on General Government; Appropriations -SJ 47
    1/12/2016 Senate • Introduced -SJ 47
    1/21/2016 Senate • On Committee agenda-- Banking and Insurance, 01/26/16, 9:00 am, 110 Senate Office Building
    1/26/2016 Senate • CS by Banking and Insurance; YEAS 8 NAYS 1 -SJ 274
    1/28/2016 Senate • Pending reference review under Rule 4.7(2) - (Committee Substitute)
    • Now in Appropriations Subcommittee on General Government -SJ 274
    • CS by Banking and Insurance read 1st time -SJ 276
    3/11/2016 Senate • Died in Appropriations Subcommittee on General Government

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  • CS/SB 650, Committee Substitute 1 (Current Bill Version) Posted 1/28/2016 at 10:44 AM

    Bill Text:   Web Page | PDF
    Analyses:   None

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 445 (c2) Viatical Settlements Stevenson Similar Last Action: 3/11/2016 H Died on Calendar
    Location: On 2nd Reading Calendar     		Track This Bill

    Citations - Statutes (13)

    Citation Catchline Location in Bill Location In Bill Help
    626.9911 Definitions. Page 3 (pdf)
    626.9913 Viatical settlement provider license continuance; annual report; fees; deposit. Page 12 (pdf)
    626.9914 Suspension, revocation, denial, or nonrenewal of viatical settlement provider license; grounds; administrative fine. Page 14 (pdf)
    626.99175 Life expectancy providers; registration required; denial, suspension, revocation. Page 16 (pdf)
    626.99185 Page 16 (pdf)
    626.9924 Viatical settlement contracts; procedures; rescission. Page 18 (pdf)
    626.99245 Conflict of regulation of viaticals. Page 18 (pdf)
    626.99273 Page 19 (pdf)
    626.99275 Prohibited practices; penalties. Page 20 (pdf)
    626.99276 Page 21 (pdf)
    626.99278 Viatical provider anti-fraud plan. Page 22 (pdf)
    626.99287 Contestability of viaticated policies. Page 24 (pdf)
    626.99289 Page 27 (pdf)

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  • SB 650, Original Filed Version Posted 10/27/2015 at 10:44 AM

    Bill Text:   Web Page | PDF
    Analyses:   Banking and Insurance (Pre-Meeting) 1/25/2016 (pdf)
    Banking and Insurance (Post-Meeting) 1/28/2016 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 445 (c1) Viatical Settlements Stevenson Similar Last Action: 3/11/2016 H Died on Calendar
    Location: On 2nd Reading Calendar     		Track This Bill

    Committee Amendments (1)

    Amendment Sponsor Filed Last Committee Action Format
    184016 - Amendment (Delete All)
    Delete everything after the enacting clause and insert:     		Banking and Insurance
    (Richter)     		1/25/2016
    9:21 AM     		Replaced by Committee Substitute
    1/27/2016     		Web Page
    PDF

    Committee Votes (1)

    Date Committee Result
    1/26/2016 9:00 AM Banking and Insurance 8 Yeas - 1 Nays

    Citations - Statutes (13)

    Citation Catchline Location in Bill Location In Bill Help
    626.9911 Definitions. Page 3 (pdf)
    626.9913 Viatical settlement provider license continuance; annual report; fees; deposit. Page 12 (pdf)
    626.9914 Suspension, revocation, denial, or nonrenewal of viatical settlement provider license; grounds; administrative fine. Page 14 (pdf)
    626.99175 Life expectancy providers; registration required; denial, suspension, revocation. Page 16 (pdf)
    626.99185 Page 16 (pdf)
    626.9924 Viatical settlement contracts; procedures; rescission. Page 18 (pdf)
    626.99245 Conflict of regulation of viaticals. Page 18 (pdf)
    626.99273 Page 18 (pdf)
    626.99275 Prohibited practices; penalties. Page 20 (pdf)
    626.99276 Page 22 (pdf)
    626.99278 Viatical provider anti-fraud plan. Page 24 (pdf)
    626.99287 Contestability of viaticated policies. Page 25 (pdf)
    626.99289 Page 25 (pdf)

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