Texas Bill Would Boost Oversight Of Life Settlement Market

Law360, New York (March 13, 2013, 9:46 PM EDT) -- Texas state Sen. Juan Hinojosa introduced legislation Friday aiming to add more regulatory oversight to the secondary market for life settlements by more strictly governing sales of ownership in life insurance policies to third parties.

Designed as a consumer protection measure, Senate Bill 1581 would amend the Texas Insurance Code, allowing the state to have more oversight of the life settlement secondary market in which life settlements are sold or brokered as investments. The bill includes the creation of new application fees and penalties for fraudulent...
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