On 03/11/2008, a new law relating to viatical settlements in the state of Iowa was introduced. The new law, SB 2392, permits the Insurance Commissioner to implement rules that oblige viatical settlement providers and brokers to post a surety bond or other financial responsibility. The bill initially would have adopted the NAIC model law, which demands proof of financial assurance by way of a $250,000 surety bond. SB 2392 was enacted on May 10th, 2008.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.