Oregon Governor signs Life Settlement Legislation
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Oregon Gov. Ted Kulongoski signed life settlement legislation Tuesday that requires insureds to hold on to financed policies for five years after issuance before they can sell them on the secondary market.
SB 973 was proposed by the American Council of Life Insurers (ACLI) and caught the life settlement industry by surprise. Settlement industry representatives believe that imposing a five-year waiting period will hurt their market. The requirement is intended to thwart stranger-originated life insurance.
