Life Settlements Act
The Idaho legislature has amended Chapter 19, Title 41 of the Idaho Code to add Sections 41-1950 through 41-1965 to regulate the sales and marketing of life settlement contracts. The new statutes are effective July 1, 2009.
A Life Settlement Provider or Life Settlement Broker must be licensed as a life insurance producer. Licensed life insurance producers who intend to negotiate life settlement contracts must notify the Department no later than ten days from the first day of operating as a Life Settlement Provider or Life Settlement Broker [§41-1952]. Click here to complete the required application.
Bulletin 09-06 provides a brief description of the requirements governing life settlement transactions.
The new statute includes requirement for disclosure by the life settlement broker and life settlement provider.
Click here to link to the Selling Your Life Settlement brochure.
All life settlement contract forms, disclosure statements and advertising materials must be accompanied by the required checklist and a certification that the Idaho Filing Submission Documentation for Life Settlements form is in compliance with Idaho Code and first be filed with the Director [§41-1953].
The Life Settlement Provider must file an annual statement of transactions with the Department on or before March 1 of each year [§41-1954]. The annual statement form will be posted here at a future date.
IDAPA 18.01.13 is effective August 1, 2009 and includes disclosure forms and the Life Settlement Provider Report.