The laws governing life settlements in Florida are spelled out in the Florida Viatical Settlement Act. Not all life settlements are the same. It is recommended that you use a life settlement agent who is familiar with the laws of the state in which you live. Life settlements are governed by individual state laws and each state has different regulations.
The Florida Viatical Settlement Act covers viaticals and life settlements in Florida and treats them as one in the same for regulation purposes. The act was originally adopted in 1996 and has been amended many times to earn a reputation of one of the most comprehensive settlement laws in the United States. Included in the act is a mandatory disclosure clause that requires agents/brokers to disclose any commissions due in order to cover the costs of the settlement transaction and their amounts.
Life settlements in Florida are dramatically increasing along with settlements across the country. Florida is well poised to handle the increase due to diligent regulation supporting the consumer and industry alike.
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