West Virginia enacts Viatical Settlements Act
On March 13, 2008, the West Virginia governor signed into law the “Viatical Settlements Act” which will govern viatical settlements of life insurance policies between life insurance policyholders and third parties, provide for licensing of viatical settlement providers and brokers, require the payment of fees, authorize the proposal of and promulgation of rules, including emergency rules, and provide civil and criminal penalties for violations.
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