Viaticum were the supplies that Roman soldiers were given in preparation for their journeys into battle, ostensibly, journeys from which they might not return. In short, viaticum were the supplies soldiers presumably needed for the closing phase of their lives. Similarly, a viatical settlement also provides individuals with resources for the final journey of their lives. Initially, the viatical settlement industry was comprised of an informal network of small companies primarily serving the AIDS community. As the viatical settlement industry moves into the mainstream of insurance products, there is also a trend toward increased government oversight and regulation.
Individuals facing a life-threatening illness are the most vulnerable members of society.
Mainstream viatical settlement companies welcome this trend, believing that responsible regulation of viatical settlements is in the best interest of viators, their families, and the viatical settlement industry. Viatical settlement industry leaders worked with the NAIC to develop both the Act and the Regulation to assist state regulators across the nation in proposing or enacting regulations to protect viators. The act directly addresses many of the early reported abuses of the viatical settlement service, including the need for clear disclosure of information that will enable the patient to make a fully informed decision. Viatical settlement companies are available in all 50 states. Some leaders in the viatical settlement industry have met with state insurance regulators across the nation to promote regulation to benefit and protect people with life-threatening illnesses.