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Rep. Roger Jenisch
Filed: 2/28/2006
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09400HB5337ham003 |
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LRB094 19270 LJB 56716 a |
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| AMENDMENT TO HOUSE BILL 5337
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| AMENDMENT NO. ______. Amend House Bill 5337, AS AMENDED, |
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| with reference to page and line numbers of House Amendment No. |
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| 1, on page 6, by replacing lines 12 through 30 with the |
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| following: |
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| ""Viatical settlement contract" means a written agreement |
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| that establishes the terms under which compensation or anything |
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| of value is paid, which compensation or anything of value is |
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| less than the expected death benefits of the policy, in return |
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| for the viator's assignment, transfer, sale, devise, or bequest |
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| of the death benefit or ownership of any portion of the policy. |
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| "Viatical settlement contract" includes any agreement under |
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| which the insured, viator, or policyholder or the designee of |
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| the insured, viator, or policyholder receives or is to receive |
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| consideration in exchange for the designation of or consent to |
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| assignment or transfer for the ownership or beneficiary |
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| interest in a policy regardless of the date that the |
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| consideration is provided to the person or the transfer or |
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| assignment occurs. "Viatical settlement contract" also |
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| includes any premium financing transaction or agreement |
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| collateral thereto that provides a guarantee of a policy's |
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| viatical settlement value. "Viatical settlement contract" does |
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| not include a policy loan by an insurer pursuant to the policy |
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| terms or a loan by a licensed lending institution that takes a |
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| collateral assignment of a policy solely as security for a loan |
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| and not as part of or in connection with an agreement |