jump to main menu jump to subject menu jump to content jump to footer

Secondary Life Insurance Market
Public Hearing

The Florida Office of Insurance Regulation (Office) has been directed by the Florida Legislature in Chapter 2013-40, §6, at 316, Laws of Florida to "review Florida law and regulations to determine whether there are adequate protections for purchasers of life insurance policies in the secondary life insurance market to ensure that this market continues to exist for Florida seniors."

The Florida Administrative Code defines the "secondary market" as the assignment, transfer, sale, devise, or bequest of the death benefit or ownership of all or a portion of a viaticated life insurance policy or viaticated certificate of insurance. A viaticated life insurance policy is a life insurance policy that has been sold by the initial policyholder in exchange for compensation, usually for more than the policy's cash surrender value. All contracts for the sale of a life insurance policy by the policyholder to a third party in exchange for compensation are considered to be a "viatical settlement contract" under Florida law, which does not make a distinction in the term used based on whether the owner of the policy is terminally ill when the policy is sold.

In accordance with this directive, the Office conducted a public hearing on Friday, October 25, 2013 at 10:00 a.m. in the Knott Building, Room 412 - Capitol Complex, 404 South Monroe Street, Tallahassee, FL 32399.

The general public can view a video recorded version of the hearing at http://thefloridachannel.org/video/102513-office-of-insurance-regulation-hearing-on-secondary-life-market/".

Secondary Life Insurance Market Report to the Florida Legislature - December 2013

Public Hearing Notice


Media Advisory



Submitted Materials/Comments

Input from investors in the secondary life insurance market, insurers, and other interested parties was received at the public hearing. The deadline to submit materials or comments for the Office to consider including in the report was October 30, 2013.

Listed below is the information provided to the Office:

Contact Information:

Amy Bogner