SF3495 - Minnesota: Life Settlements Act

"Life Settlements Act"; relating to insurance; regulating life settlements, providing enforcement and prescribing penalties and civil remedies; defining certain terms including stranger originated life insurance (STOLI); specifying certain provider or broker licensure qualification and application requirements, exceptions; authorizing the commissioner of commerce to suspend, revoke or refuse to renew a license under certain conditions; regulating life settlement contracts; specifying certain provider reporting requirements for policies settled during a certain period of time, providing for nondisclosure of identity, exceptions; authorizing the commissioner to examine the business and affairs of any licensee or application for a license; regulating advertising by a broker or provider; specifying certain disclosure requirements; specifying certain general rules for life settlement contracts; authorizing the commissioner [...]

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