The question was: When does Rhode Island's new Life Settlements Act, which passed in November 2009 and which requires life settlement businesses to disclose their compensation to policy sellers, take effect?
a) Feb. 1, 2010
b) July 1, 2010
c) Sept. 1, 2010
d) Dec. 1, 2010
The answer is: b. The Life Settlements Act, which passed in Rhode Island without Gov. Donald Carcieri's signature, takes effect July 1, 2010. The law bars stranger originated life insurance deals and also requires brokers to disclose compensation and other information to policy owners. In addition, it mandates that life settlement companies seeking to do business in Rhode Island register and pay a fee to the state's Department of Business Regulation.
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