Quiz question: Rhode Island’s new settlement law 

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.

Click here for related article

Archived Issues

• AHIP TV Ad: Take A Broader Look
• Obama: The Time For Action On Health Bill Is Now
• AHIP President Hopes That’s Light In The Tunnel
• Moody's: Life Insurers Are Prepared For Hard Times
• Mintel: Social Media Still Niche Tools
• Senate Bill Extends COBRA Benefits, Pension Funding Relief
• AIG To Sell ALICO To MetLife