Search Tips Targeted Search by Area Website FAQs Notice of SAI Plus enforcement action. The Texas Department of Insurance has adopted new consumer protection rules for both healthy senior citizens and terminally ill people who sell their life insurance policies to investors. Under the new rules, registration is for two years.
Registration includes fingerprinting and criminal background checks.
The rules implement HB 792 of the 1999 Legislature. Sen. John Carona of Dallas and Rep. Glen Maxey of Austin sponsored the bill. TDI has registered and regulated viatical settlement brokers and providers since 1996. The life settlement business became active in Texas after that. In a viatical settlement, a terminally ill person sells the death benefit of his or her life insurance policy for a negotiated amount that is less than the face value of the policy.