Bill is Introduced in Georgia Legislature to Require Disclosure
Posted March 10, 2010 2:29PM PST

A bill was introduced in the Georgia state Senate that would require insurance agents to let policyholders know about life settlements if they are planning to surrender or lapse their policies, Sen. Ralph Hudgens said.

Hudgens, who introduced the bill today, said it would authorize the state insurance department to create a document that agents would give to clients to tell them of their options if they no longer want or need the policies, including their ability to sell them on the secondary market.

He told The Life Settlements Wire that he plans to revise the bill, before any action is taken on it, so that it would also require insureds to be told of the settlement option at the time of purchase.

Hudgens said he also introduced a second life settlement bill, at the behest of Coventry First's lobbyist Michael Freedman. It would put language into Georgia law stating that a legitimate life settlement transaction is not stranger-originated life insurance.

Both bills will be referred to the Senate insurance committee, which Hudgens chairs.

Hudgens said time is short to win passage of the bills since the last day of the Legislature's session is April 20.


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