Male   Female
  • How do new life settlement guidelines affect me?
  • June 1, 2010
  • illinois settlementsBy Life Quotes, Inc.

    The guidelines for a new life settlement law in Illinois will be posted on the state insurance department website next week, a state official said.

    The law, which was passed last year but doesn’t take effect until July 1, allows life insurance policies to be sold after two years and outlaws “stranger-originated” life insurance, according to a report in the Life Settlements Wire. It is based partly on legislation developed by the National Conference of Insurance Legislators and the National Association of Insurance Commissioners.

    Illinois insurance director Michael McRaith told the publication that his office will not publish the actual regulations in the law just yet, but will instead wait a year or two because it needs to figure out how the new law will affect consumers. After that, it will begin to produce reports from the information to better advise the legislature.

    Life settlements are a booming business across the country, as 40 different companies submitted forms to the New York Insurance Department last month, said a separate Life Settlements Wire report. These will allow them to buy and sell life settlements in the state of New York.

  • Category: Industry News, Life Insurance, More news, Videos

Leave a Reply



Consumer Insurance Guide SM provides a wide selection of originally-authored articles and expert advice targeted to the self-directed insurance shopper. Our mission is to provide consumers with useful, money-saving information on all things having to do with making sound insurance purchase decisions.

Consumer Insurance Guide SM is owned by Life Quotes, Inc. 8205 South Cass Avenue, Darien, IL. For editorial, content feeds, advertising and lead purchase opportunities, contact Robert Bland at

Originally founded in 1984 as Quotesmith Corporation, Life Quotes, Inc. owns and operates and, two online consumer insurance information services that cater to the needs of self-directed personal and corporate insurance shoppers.

About Us  |   Contact Us  |   Press Releases  |   The Best Privacy Policy  |   Life Insurance  |   Careers
For Agents & Brokers  |   Site Map  |  

Copyright ©1984-2015 Life Quotes, Inc., 8205 South Cass Avenue, Suite 102, Darien, Illinois. Life Quotes, Inc. and certain of its personnel are licensed as insurance agents, brokers or producers in all states. CA agent #0A13858, LA agent #200696, MA agent #333509159. dba Life Quotes Insurance Services in CA under agent #0827712, in LA under agent #205078. dba Life Quotes Insurance Services, Inc. in UT under agent #90093. All rights reserved. Telephone (630) 515-0170. Founded 1984.