Resources

Life Settlement Regulations by State

Whether life and viatical settlements are regulated in each state, the rescission period that applies, and where SGI holds a provider license.

The Settlement Group, Inc. (SGI) is a licensed life settlement provider operating under state insurance laws that govern how life and viatical settlements are conducted. Regulation varies by state: most states license and oversee life settlement providers directly, a few regulate viatical settlements only, and a small number have no statute in place at all. The sections below list, for each state, whether life and viatical settlements are regulated, the applicable rescission period, and SGI's licensing status.

Regulated 43 jurisdictions — state licenses and oversees settlement providers
Viatical only 2 jurisdictions — terminal or chronic illness required
Not regulated 6 jurisdictions — no settlement statute in place

Regulations are subject to change. Confirm the current requirements for your state with your provider or advisor before entering a transaction.

Jump to a state

State by State

Alabama Not regulated

Regulation: No. Neither life nor viatical settlements are regulated in Alabama.
Rescission period: Not applicable, no statutory right of rescission specific to life settlements.

Alaska Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days

Settlement Group is a licensed life settlement provider company in Alaska, license # 2238089.

Arizona Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from the date the contract is executed by all parties.

Settlement Group is a licensed life settlement provider company in Arizona, license # 7592.

Arkansas Regulated

Regulation: Yes. Arkansas regulates both, but under two separate statutes (a Viatical Settlements Act and a separate Life Settlements Act) rather than one combined act like most states.
Rescission period: 15 days from the date the contract is executed by all parties.

Settlement Group is a licensed life settlement provider company in Arkansas, license # 100105803.

California Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: The earlier of 30 days after execution or 15 days after receipt of proceeds.

Settlement Group is a licensed life settlement provider company in California, license # 5710-9.¹

Colorado Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: The earlier of 30 days after execution or 15 days after receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Colorado, license # 20071075470.

Connecticut Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from the date the contract is executed by all parties.

Settlement Group is a licensed life settlement provider company in Connecticut, license # 149058334.

Delaware Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: The earlier of 60 days after execution or 30 days after receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Delaware, license # 3000260351.

District of Columbia Not regulated

Regulation: No. Neither life nor viatical settlements are regulated in the District of Columbia.
Rescission period: Not applicable.

Florida Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Florida, license # 25-352255428.

Georgia Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from the date the contract is executed by all parties.

Settlement Group is a licensed life settlement provider company in Georgia, license # LSP00014.

Hawaii Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from the date the contract is executed by all parties (HRS § 431C-33(h)).

Settlement Group is a licensed life settlement provider company in Hawaii, license # 120394.

Idaho Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 20 days from the date the contract is executed by all parties.

Settlement Group is a licensed life settlement provider company in Idaho, license # 3004142071.

Illinois Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: The earlier of 30 days after execution or 15 days after receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Illinois, license # 100786006.

Indiana Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: The longer of 30 days after execution or 15 days after receipt of proceeds (note: this state uses “longer of,” the reverse of the more common mechanic).

Settlement Group is a licensed life settlement provider company in Indiana, license # 562009.

Iowa Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: The earlier of 30 days after execution or 15 days after receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Iowa, license # 3000914816.

Kansas Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Kansas, license # 902339.

Kentucky Regulated

Regulation: Yes (the statute covers both life and viatical settlements in Kentucky).
Rescission period: The earlier of 30 days after execution or 15 days after receipt of proceeds.

Louisiana Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Louisiana.

Maine Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: The earlier of 30 days after execution or 15 days after receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Maine, license # VPF393779.

Maryland Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Maryland, license # 2064058.

Massachusetts Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Massachusetts, license # 2026-123115.

Michigan Viatical only

Regulation: Viatical settlements only (terminal or chronic illness required); Michigan does not separately regulate general life settlements.
Rescission period: 15 days (the lesser of 30 days after signing or 15 days after receipt of proceeds).

Settlement Group transacts only life settlements in Michigan.

Minnesota Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: The earlier of 30 days after execution or 15 days after receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Minnesota, license # VI-40785232.

Mississippi Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Mississippi, license # 15008021.

Missouri Not regulated

Regulation: No. Neither life nor viatical settlements are regulated in Missouri.
Rescission period: Not applicable.

Montana Regulated

Regulation: Yes (the statute covers both life and viatical settlements in Montana).
Rescission period: The longer of 30 days after execution or 15 days after receipt of proceeds.

Nebraska Regulated

Regulation: Yes (the statute covers both life and viatical settlements in Nebraska).
Rescission period: The earlier of 60 days after execution or 30 days after receipt of proceeds.

Nevada Regulated

Regulation: Yes (the statute covers both life and viatical settlements in Nevada).
Rescission period: The earlier of 60 days after execution or 30 days after receipt of proceeds.

New Hampshire Regulated

Regulation: Yes (the statute covers both life and viatical settlements in New Hampshire).
Rescission period: The earlier of 30 days after execution or 15 days after receipt of proceeds.

New Jersey Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: The earlier of 30 days after execution or 15 days after receipt of proceeds.

Settlement Group is a licensed life settlement provider company in New Jersey.²

New Mexico Viatical only

Regulation: Viatical settlements only; New Mexico does not separately regulate general life settlements.
Rescission period: 15 days from receipt of proceeds.

Settlement Group transacts only life settlements in New Mexico.

New York Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from receipt of proceeds (window runs from execution through 15 days after proceeds are received).

Settlement Group is a licensed life settlement provider company in New York, license # LSP-1157140.

North Carolina Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 10 business days from receipt of proceeds.

Settlement Group is a licensed life settlement provider company in North Carolina, license # VP0000114.³

North Dakota Regulated

Regulation: Yes (the statute covers both life and viatical settlements in North Dakota).
Rescission period: The earlier of 60 days after execution or 30 days after receipt of proceeds.

Ohio Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Ohio, license # 720.

Oklahoma Regulated

Regulation: Yes (the statute covers both life and viatical settlements in Oklahoma).
Rescission period: The earlier of 30 days after execution or 15 days after receipt of proceeds.

Oregon Regulated

Regulation: Yes (the statute covers both life and viatical settlements in Oregon).
Rescission period: The earlier of 60 days after execution or 30 days after receipt of proceeds.

Pennsylvania Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 30 days minimum (30 days from contract date, extended to at least 15 days from receipt of proceeds if proceeds arrive late).

Settlement Group is a licensed life settlement provider company in Pennsylvania, license # 511426.

Rhode Island Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from the date the contract is executed by all parties.

Settlement Group is a licensed life settlement provider company in Rhode Island, license # 3000620251.

South Carolina Not regulated

Regulation: No. Neither life nor viatical settlements are regulated in South Carolina.
Rescission period: Not applicable.

South Dakota Not regulated

Regulation: No. Neither life nor viatical settlements are regulated in South Dakota.
Rescission period: Not applicable.

Tennessee Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: The earlier of 30 days after execution or 15 days after receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Tennessee, license # 2002280.

Texas Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from the date the contract is executed by all parties.

Settlement Group is a licensed life settlement provider company in Texas, license # 2003823.

Utah Regulated

Regulation: Yes (the statute covers both life and viatical settlements in Utah).
Rescission period: 15 days from receipt of proceeds.

Vermont Regulated

Regulation: Yes (the statute covers life settlements; Vermont's earlier viatical-specific regulation was repealed by operation of law and folded into the life settlement framework).
Rescission period: 30 days from the date the contract is executed by all parties (8 V.S.A. § 3841(6)).

Virginia Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Virginia, license # VP030.

Washington Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: 15 days from the date the contract is executed by all parties.

Settlement Group is a licensed life settlement provider company in Washington, license # 500570.

West Virginia Regulated

Regulation: Yes (the statute covers both life and viatical settlements in West Virginia).
Rescission period: The earlier of 60 days after execution or 30 days after receipt of proceeds.

Wisconsin Regulated

Regulation: Yes (the statute covers both life and viatical settlements).
Rescission period: The earlier of 30 days after execution or 15 days after receipt of proceeds.

Settlement Group is a licensed life settlement provider company in Wisconsin, license # 512084027.

Wyoming Not regulated

Regulation: No. Neither life nor viatical settlements are regulated in Wyoming.
Rescission period: Not applicable.