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Minnesota Legislature

Office of the Revisor of Statutes

A viatical settlement provider or a broker shall disclose the following information to the
viator no later than the date an application is given to the viator:
(1) possible alternatives to viatical settlement contracts for persons with catastrophic or life
threatening illnesses, including accelerated benefits offered by the issuer of the life insurance
(2) the fact that some or all of the proceeds of the viatical settlement may be taxable and
that assistance should be sought from a personal tax advisor;
(3) the fact that the viatical settlement may be subject to the claims of creditors;
(4) the fact that receipt of a viatical settlement may adversely affect the recipients' eligibility
for Medicaid or other government benefits or entitlements and that advice should be obtained
from the appropriate agencies;
(5) the policy owner's right to rescind a viatical settlement contract within 30 days of the date
it is executed by all parties or 15 days of the receipt of the viatical settlement proceeds by the
viator, whichever is less, as provided in section 60A.970, subdivision 3; and
(6) the date by which the funds will be available to the viator and the source of the funds.
History: 1995 c 151 s 10; 2005 c 132 s 5