Florida/Georgia Personal Injury & Workers Compensation

...viatical settlement for a policy that was obtained through material misrepresentations or omissions. Fla. Stat. § 626.99275(1)(a). However, the Act also contains a conflict of law provision that applies to settlements transacted with out-of-state viators. Section 626.99245(2) the Act provides that: “A viatical settlement provider who from this state enters into a viatical settlement contract with a viator who is a resident of another state that has enacted statutes or adopted regulations governing v...

...If the state in which the viator is a resident has not enacted statutes or regulations governing viatical settlement agreements, the provider shall give the viator notice that neither Florida nor his or her state regulates the transaction upon which he or she is entering.” Fla. Stat. § 626.99245(2). 2 Mutual Benefits Corporation (“MBC”) was incorporated under the laws of the State of Florida in 1994....

...the policy’s insurer. Fla. Stat. § 626.99275(1)(a) (2004). Since MBC, the entity that purchased the viaticals at issue in this case, is a Florida viatical settlement provider, the insurers assert that it is subject to the FVSA. However, section 626.99245 of the Act, which addresses “Conflict of regulation of viaticals,” limits the effect of this provision to in-state viatical 28 settlement companies who contract with in-state residents. According to Fla. Stat.§ 626.99245(2): A viatical settlement provider who from this state enters into a viatical settlement contract with a viator who is a resident of another state that has enacted statutes or adopted regulations governing viati...

...The new law included a thirty-day grace period for individuals with life insurance licenses to complete any pending viatical transactions. Ch. 2005-237, § 32, Laws of Fla. (codified at § 626.99295, Fla. Stat. (2005)). Prior to July 1, 2005, viatical settlements and viaticáis were regulated as insurance. See § 626.99245(4), Fla....

...4th DCA 2004); Accelerated Benefits Carp., 813 So.2d 117, 118 (Fla. 1st DCA 2002). In amendments adopted by the Legislature, effective July 1, 2004, viaticáis were regulated exclusively as insurance until the 2005 legislative amendments defined them as securities. Ch. 2004-390, § 78, Laws of Fla. (codified at § 626.99245(4), Fla....

...to retroactively apply securities rules to viati-cáis that were closed or pending before July 1, 2005. 9 See McCloskey, 115 So.3d at 444 . When DFS filed the administrative complaint on June 7, 2011, sections 626.99295, Florida Statutes (2005), and 626.99245(4), Florida Statutes (2004), had been readily available for review for six years....