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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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