Who regulates life settlements and viaticals?

Laws regarding life settlement and viatical transactions vary from state to state. While many states have adopted the National Association of Insurance Commissioners' model law for viaticals, regulations for life settlements remain spotty.

The chart below shows which department is responsible for regulating these transactions. Where life settlements are not mentioned, such as New York, they are not regulated. Some states may encompass life settlements in their viatical laws, which may not be reflected in the chart.

State
Who has jurisdiction?
Alabama
Viaticals: Insurance department and securities regulator
Alaska
Viaticals: Insurance department and securities regulator
Arizona
Viaticals and life settlements: Securities regulator
Arkansas
Viaticals: Insurance department
California
Viaticals: Insurance department and securities regulator
Colorado
Viaticals: Insurance department regulates transaction between insured and provider; securities department regulates transaction between providers and investors.
Connecticut
Viaticals: Insurance department
Delaware
Viaticals: Insurance department
Florida
Viaticals: Insurance department
Georgia
Viaticals and life settlements: Insurance department regulates transaction between insured and provider; securities department regulates transaction between providers and investors.
Hawaii
Viaticals and life settlements: Insurance department
Idaho
Viaticals and life settements: Securities director
Illinois
Viaticals: Insurance department
Indiana
Viaticals: Insurance department
Iowa
Viaticals and life settlements: Insurance department
Kansas
Viaticals: Insurance department
Kentucky
Viaticals: Insurance department
Louisiana
Viaticals: Insurance department
Maine
Viaticals and life settlements: Insurance department
Maryland
Viaticals: Insurance department
Massachusetts
Viaticals: Insurance department
Michigan
Viaticals: Insurance department
Minnesota
Viaticals: Commerce Commissioner
Mississippi
Viaticals: Insurance department
Missouri
Unregulated
Montana
Viaticals and life settlements: Insurance department
Nebraska
Viaticals: Insurance department
Nevada
Viaticals: Insurance department
New Hampshire
Unregulated
New Jersey
Viaticals: Insurance department
New Mexico
Viaticals: Insurance department
New York
Viaticals: Insurance department
North Carolina
Viaticals: Insurance department and securities department
North Dakota
Viaticals: Insurance department
Ohio
Viaticals: Insurance department and securities department
Oklahoma
Viaticals and life settlements: Insurance department
Oregon
Viaticals and life settlements: Department of Consumer and Business Services (which includes insurance department)
Pennsylvania
Viaticals: Insurance department
Rhode Island
Unregulated
South Carolina
Securities regulator
South Dakota
Viaticals: Securities regulator
Tennessee
Viaticals and life settlements: Department of insurance and commerce
Texas
Viaticals and life settlements: Insurance department
Utah
Viaticals: Insurance department
Vermont
Viaticals: Commissioner of banking, insurance and securities
Virginia
Viaticals: Insurance department
Washington
Viaticals: Insurance department
Washington, D.C.
Unregulated
West Virginia
Viaticals: Office of Insurance Commissioner
Wisconsin
Viaticals: Insurance department
Wyoming
Unregulated
Source: Life Insurance Settlement Association & state sources

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