Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Consumer Protection topic
No spam. Unsubscribe anytime.
House debates HB 4 to license and regulate viatical settlements
Summary
Representative Brent D. Parker said HB 4 would create licensing and disclosure requirements for viatical settlements to protect consumers, following models already adopted in about 30 other states; several members supported the bill citing consumer benefits.
Representative Brent D. Parker introduced House Bill 4 as legislation to provide licensing and disclosure standards for viatical settlements. Parker said viatical settlements—where a life insurance policyholder sells a portion of an insurance death benefit to an investor—originated in prior years and have been subject to abuse; HB 4 would create oversight by the Division of Real Estate and the Division of Insurance.
Parker said the bill follows national models and called it a consumer-protection measure that allows policyholders to access a financial tool when appropriate. Supporters including Representative Farren and Representative Christianson described real-world examples in which terminally ill or elderly policyholders realized some cash value through a viatical settlement they otherwise would not have had.
On the floor, members debated policy merits and described the bill as a needed regulatory framework. The transcript records debate and statements in favor; the excerpt shows the sponsor called for a vote and voting was opened, but it does not include a roll-call tally in the provided text. The committee report referenced a favorable committee vote (12–0, 1 absent) from Business and Labor.
