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CS/CS/HB 445: Viatical Settlements

GENERAL BILL by Regulatory Affairs Committee ; Insurance and Banking Subcommittee ; Stevenson ; (CO-INTRODUCERS) Roberson ; Stark

Viatical Settlements; Revises provisions concerning viatical settlement providers; adds act that warrants imposition of administrative penalties against viatical settlement provider licensees; specifies procedures, authorized acts, & prohibited acts related to execution of viatical settlement contracts; provides criminal penalties for violation of such prohibitions; specifies authorized & prohibited acts by insurers related to viatical settlement providers; provides that certain agreements & transactions relating to stranger-originated life insurance practices are void & unenforceable.

Effective Date: 7/1/2016
Last Action: 3/11/2016 House - Died on Calendar
Bill Text: PDF

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  • Bill History

    Date Chamber Action
    10/26/2015 House • Filed
    11/5/2015 House • Referred to Insurance and Banking Subcommittee; Appropriations Committee; Regulatory Affairs Committee -HJ 39
    1/11/2016 House • On Committee agenda-- Insurance and Banking Subcommittee, 01/13/16, 1:00 pm, Sumner Hall
    1/12/2016 House • Introduced -HJ 39
    1/13/2016 House • CS by Insurance and Banking Subcommittee; YEAS 10 NAYS 1 -HJ 242
    1/19/2016 House • Pending review of CS under Rule 7.19(c)
    1/20/2016 House • CS by Insurance and Banking Subcommittee read 1st time -HJ 236
    1/21/2016 House • Now in Appropriations Committee -HJ 249
    2/5/2016 House • On Committee agenda-- Appropriations Committee, 02/09/16, 3:00 pm, Webster Hall
    2/10/2016 House • Favorable by Appropriations Committee; YEAS 22 NAYS 0 -HJ 436
    • Now in Regulatory Affairs Committee -HJ 436
    2/15/2016 House • On Committee agenda-- Regulatory Affairs Committee, 02/17/16, 9:30 am, Sumner Hall
    2/17/2016 House • CS/CS by- Regulatory Affairs Committee; YEAS 14 NAYS 0 -HJ 507
    2/18/2016 House • Pending review of CS -under Rule 7.19(c)
    • CS/CS by Regulatory Affairs Committee read 1st time -HJ 504
    2/19/2016 House • Placed on Calendar -HJ 517
    3/11/2016 House • Died on Calendar

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  • CS/CS/HB 445, Committee Substitute 2 (Current Bill Version) Posted 2/18/2016 at 2:20 PM

    Bill Text:   PDF
    Analyses:   None

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 650 (c1) Viatical Settlements Legg Similar Last Action: 3/11/2016 S Died in Appropriations Subcommittee on General Government
    Location: In committee/council (AGG)     		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 13 (pdf)
    626.9914 Suspension, revocation, denial, or nonrenewal of viatical settlement provider license; grounds; administrative fine. Page 16 (pdf)
    626.99175 Life expectancy providers; registration required; denial, suspension, revocation. Page 18 (pdf)
    626.99185 Page 18 (pdf)
    626.9924 Viatical settlement contracts; procedures; rescission. Page 20 (pdf)
    626.99245 Conflict of regulation of viaticals. Page 20 (pdf)
    626.99273 Page 21 (pdf)
    626.99275 Prohibited practices; penalties. Page 22 (pdf)
    626.99276 Page 24 (pdf)
    626.99278 Viatical provider anti-fraud plan. Page 25 (pdf)
    626.99287 Contestability of viaticated policies. Page 26 (pdf)
    626.99289 Page 30 (pdf)

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  • CS/HB 445, Committee Substitute 1 Posted 1/19/2016 at 6:07 PM

    Bill Text:   PDF
    Analyses:   Appropriations Committee (Post-Meeting) 2/10/2016 (pdf)
    Regulatory Affairs Committee (Post-Meeting) 2/18/2016 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 650 (c1) Viatical Settlements Legg Similar Last Action: 3/11/2016 S Died in Appropriations Subcommittee on General Government
    Location: In committee/council (AGG)     		Track This Bill

    Committee Amendments (2)

    Amendment Sponsor Filed Last Committee Action Format
    006835 - Amendment
    Remove line 394 and insert:     		Stevenson 2/16/2016
    6:10 PM     		Adopted without Objection
    2/17/2016     		PDF
    304305 - Amendment
    Remove lines 699-700 and insert:     		Stevenson 2/16/2016
    6:11 PM     		Adopted without Objection
    2/17/2016     		PDF

    Citations - Statutes (13)

    Citation Catchline Location in Bill Location In Bill Help
    626.9911 Definitions. Page 4 (pdf)
    626.9913 Viatical settlement provider license continuance; annual report; fees; deposit. Page 13 (pdf)
    626.9914 Suspension, revocation, denial, or nonrenewal of viatical settlement provider license; grounds; administrative fine. Page 16 (pdf)
    626.99175 Life expectancy providers; registration required; denial, suspension, revocation. Page 18 (pdf)
    626.99185 Page 18 (pdf)
    626.9924 Viatical settlement contracts; procedures; rescission. Page 20 (pdf)
    626.99245 Conflict of regulation of viaticals. Page 21 (pdf)
    626.99273 Page 21 (pdf)
    626.99275 Prohibited practices; penalties. Page 22 (pdf)
    626.99276 Page 24 (pdf)
    626.99278 Viatical provider anti-fraud plan. Page 25 (pdf)
    626.99287 Contestability of viaticated policies. Page 27 (pdf)
    626.99289 Page 30 (pdf)

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  • HB 445, Original Filed Version Posted 10/26/2015 at 4:29 PM

    Bill Text:   PDF
    Analyses:   Insurance and Banking Subcommittee (Post-Meeting) 1/19/2016 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 650 Viatical Settlements Legg Similar Last Action: 3/11/2016 S Died in Appropriations Subcommittee on General Government
    Location: In committee/council (AGG)     		Track This Bill

    Committee Amendments (1)

    Amendment Sponsor Filed Last Committee Action Format
    039889 - Amendment
    Remove lines 248-704 and insert:     		Stevenson 1/12/2016
    8:04 PM     		PDF

    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 13 (pdf)
    626.9914 Suspension, revocation, denial, or nonrenewal of viatical settlement provider license; grounds; administrative fine. Page 16 (pdf)
    626.99175 Life expectancy providers; registration required; denial, suspension, revocation. Page 17 (pdf)
    626.99185 Page 18 (pdf)
    626.9924 Viatical settlement contracts; procedures; rescission. Page 20 (pdf)
    626.99245 Conflict of regulation of viaticals. Page 20 (pdf)
    626.99273 Page 20 (pdf)
    626.99275 Prohibited practices; penalties. Page 22 (pdf)
    626.99276 Page 25 (pdf)
    626.99278 Viatical provider anti-fraud plan. Page 26 (pdf)
    626.99287 Contestability of viaticated policies. Page 28 (pdf)
    626.99289 Page 28 (pdf)

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