New Life Settlement Legislation In Calif.

Law360, New York (October 16, 2009, 2:10 PM EDT) -- With a stroke of his pen recently, California Governor Arnold Schwarzenegger signed into law Senate Bill No. 98 (the “act”), bringing full regulation of life settlements to the most populous state in the Union.

California has long been one the most active states for life settlements, but, until Oct. 11, it regulated the sale of life insurance policies in the secondary market only where the insured under the policy was terminally or chronically ill.

The act is based on the National Conference of Insurance Legislators (“NCOIL”)...
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