Life Settlements Act

This act governs the form and content of life insurance policies and annuity contracts, prescribing the provisions insurers must include and the terms they may not impose. It sets standard provisions covering grace periods, incontestability, the entire-contract rule, misstatement of age, dividends, policy loans, reinstatement, and the payment of premiums and claims, with parallel requirements for annuities, pure endowment contracts, and reversionary annuities, and with specific rules for industrial life insurance including beneficiary designation and prohibited provisions. It further establishes minimum nonforfeiture values for life policies and individual deferred annuities, a short post-issuance period in which a purchaser may examine and return a contract, limits on how indebtedness and settlements affect proceeds, and requirements for separate accounts and the issuance, disclosure, and regulation of variable contracts. One flag, separate from the copy above: the section titles are entirely life insurance policy-provision and nonforfeiture law — they contain nothing about life settlements (viatical/life settlement transactions, providers, brokers, or licensing). Either this act is mislabeled in the data or the wrong section set is attached to it; worth checking before this renders on all five state pages.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.