Recently, South Carolina Life Settlement was in the news when a settlement bill died when the SC House adjourned.
According to Andy Fiffick, staff attorney for the House Labor, Commerce and Industry Committee, the House only can return this session to discuss budget issues or legislation that the governor has vetoed.
SB 636, the life settlement bill, had been attached to SB 202 in the Senate, a bill designed to cleanup other insurance related issues.
Based on the model legislation developed by the National Conference of Insurance Legislators (NCOIL), the bill would have set forth rules as policy sale, and specifically state that policies could be sold after two years.
According to Fiffick, it is difficult to attach legislation onto unrelated or only semi related bills.
While South Carolina remains one of five states to leave viatical and life settlements unregulated, new legislation is expected to move forward into 2011 for a South Carolina life settlement.
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