LRBa4219/2
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1995 - 1996 LEGISLATURE
ASSEMBLY AMENDMENT 3,
To 1995 ASSEMBLY BILL 1020
March 20, 1996 - Offered by Representatives Baldwin, Jensen, Albers and
Baldus.
AB1020-AA3,1,9
85. Page 4, line 20: after "include" insert: "a viatical settlement agent, as
9defined by the commissioner by rule under sub. (11) (b) 4., or".
AB1020-AA3,1,11
106. Page 10, line 20: after "received" insert: "a recommendation from a viatical
11settlement provider or a viatical settlement broker in writing to seek".
AB1020-AA3,1,13
13"1. That he or she is a viatical settlement provider or broker.".
AB1020-AA3,2,5
1"8. The bank from which the viatical settlement proceeds will be available and
2that the trustee or escrow agent holding the proceeds is required to pay the proceeds
3to the policyholder or certificate holder immediately upon notification from the
4insurer that the policy or certificate has been transferred to the viatical settlement
5provider.".
AB1020-AA3,2,9
7"a. If the insured's life expectancy is 6 months or less, 80% of the policy or
8certificate face value after reducing the face value by the amount of any outstanding
9loans against the policy or certificate.
AB1020-AA3,2,1210
b. If the insured's life expectancy is more than 6 months but not more than 12
11months, 75% of the policy or certificate face value after reducing the face value by the
12amount of any outstanding loans against the policy or certificate.
AB1020-AA3,2,1513
c. If the insured's life expectancy is more than 12 months but not more than 24
14months, 65% of the policy or certificate face value after reducing the face value by the
15amount of any outstanding loans against the policy or certificate.
AB1020-AA3,2,1816
d. If the insured's life expectancy is more than 24 months but not more than
1736 months, 55% of the policy or certificate face value after reducing the face value
18by the amount of any outstanding loans against the policy or certificate.
AB1020-AA3,2,2119
e. If the insured's life expectancy is more than 36 months but not more than 48
20months, 45% of the policy or certificate face value after reducing the face value by the
21amount of any outstanding loans against the policy or certificate.
AB1020-AA3,2,2422
f. If the insured's life expectancy is more than 48 months, 30% of the policy or
23certificate face value after reducing the face value by the amount of any outstanding
24loans against the policy or certificate.".
AB1020-AA3,3,6
2"2. If the total of the premiums that the viatical settlement provider expects to
3pay under the policy or certificate exceeds 5% of the face value of the policy or
4certificate, the viatical settlement provider may reduce the minimum payment
5amount under subd. 1. by the percentage of the face value that the total of the
6premiums that the viatical settlement provider expects to pay equals.".
AB1020-AA3,3,11
913. Page 13, line 12: after "holder" insert: ", or in instalments if the settlement
10is effected through the purchase of an annuity or similar instrument from a person
11authorized by this or another state to issue annuities".
AB1020-AA3,3,14
1315. Page 13, line 20: after "dependents" insert: ", unless any such factor
14affects the life expectancy of the person whose life is insured".
AB1020-AA3,3,21
18"3. Establish standards regarding the duty of insurers to respond without
19unreasonable delay to a request, in writing and authorized by the policyholder or
20certificate holder, from a viatical settlement provider or broker for information
21related to a policy or certificate.
AB1020-AA3,3,2322
4. Define a viatical settlement agent and establish regulations related to
23viatical settlement agents that are consistent with this section.".