LRBa4787/1
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1995 - 1996 LEGISLATURE
SENATE AMENDMENT 1,
To 1995 SENATE BILL 621
March 28, 1996 - Offered by
Committee on Insurance.
SB621-SA1,1,9
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".
SB621-SA1,1,12
117. Page 10, line 20: after "received" insert: "a recommendation from a viatical
12settlement provider or a viatical settlement broker in writing to seek".
SB621-SA1,1,14
14"1. That he or she is a viatical settlement provider or broker.".
SB621-SA1,2,6
2"8. The bank from which the viatical settlement proceeds will be available and
3that the trustee or escrow agent holding the proceeds is required to pay the proceeds
4to the policyholder or certificate holder immediately upon notification from the
5insurer that the policy or certificate has been transferred to the viatical settlement
6provider.".
SB621-SA1,2,10
8"a. If the insured's life expectancy is 6 months or less, 80% of the policy or
9certificate face value after reducing the face value by the amount of any outstanding
10loans against the policy or certificate.
SB621-SA1,2,1311
b. If the insured's life expectancy is more than 6 months but not more than 12
12months, 75% of the policy or certificate face value after reducing the face value by the
13amount of any outstanding loans against the policy or certificate.
SB621-SA1,2,1614
c. If the insured's life expectancy is more than 12 months but not more than 24
15months, 65% of the policy or certificate face value after reducing the face value by the
16amount of any outstanding loans against the policy or certificate.
SB621-SA1,2,1917
d. If the insured's life expectancy is more than 24 months but not more than
1836 months, 55% of the policy or certificate face value after reducing the face value
19by the amount of any outstanding loans against the policy or certificate.
SB621-SA1,2,2220
e. If the insured's life expectancy is more than 36 months but not more than 48
21months, 45% of the policy or certificate face value after reducing the face value by the
22amount of any outstanding loans against the policy or certificate.
SB621-SA1,3,3
1f. If the insured's life expectancy is more than 48 months, 30% of the policy or
2certificate face value after reducing the face value by the amount of any outstanding
3loans against the policy or certificate.".
SB621-SA1,3,9
5"2. If the total of the premiums that the viatical settlement provider expects to
6pay under the policy or certificate exceeds 5% of the face value of the policy or
7certificate, the viatical settlement provider may reduce the minimum payment
8amount under subd. 1. by the percentage of the face value that the total of the
9premiums that the viatical settlement provider expects to pay equals.".
SB621-SA1,3,17
1516. Page 13, line 12: after "holder" insert: ", or in instalments if the settlement
16is effected through the purchase of an annuity or similar instrument from a person
17authorized by this or another state to issue annuities".
SB621-SA1,3,20
1918. Page 13, line 20: after "dependents" insert: ", unless any such factor
20affects the life expectancy of the person whose life is insured".
SB621-SA1,4,4
1"3. Establish standards regarding the duty of insurers to respond without
2unreasonable delay to a request, in writing and authorized by the policyholder or
3certificate holder, from a viatical settlement provider or broker for information
4related to a policy or certificate.
SB621-SA1,4,65
4. Define a viatical settlement agent and establish regulations related to
6viatical settlement agents that are consistent with this section.".
