Legislation to regulate life insurance settlements has been introduced in New Jersey and Pennsylvania.
New Jersey Assemblyman Gary S. Schaer (D) introduced the Life Settlements Act, AB 376, which would require that a life insurance policies could not be sold less than 2 years after initial purchase, except if the individual becomes terminally or chronically ill, the spouse dies, the insured dies or certain other conditions are met.
In Pennsylvania, Rep. Dan B. Frankel (D) sponsored HB 2188, which would amend a law passed in 2002 to require that a life policy could not be sold less than 5 years after purchase. It contains exceptions similar to those in the New Jersey bill.
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