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Investments in viaticals and life settlement agreements and those who offer and sell such investments must be registered or exempt from registration under the Michigan Uniform Securities Act.
The definition of “security” under MCL 451.2102c(c) includes but is not limited to “an investment in a viatical or life settlement agreement…” Securities subject to the Michigan Uniform Securities Act must be federal covered, exempt from registration, or registered under MCL 451.2301. Similarly, individuals who offer and sell securities like investments in viaticals and life settlements on behalf of a broker-dealer or issuer must be registered or exempt from registration under MCL 451.2402. All securities sales must also comply with antifraud requirements of MCL 451.2501.
These sections of the Michigan Uniform Securities Act are not the only relevant laws to consider when offering or selling investments in viaticals or life settlements in Michigan. Anyone intending to engage in the activity should consult an attorney to understand the legal and regulatory implications of offering and selling securities. If you have questions about the application of insurance laws to viaticals and life settlements, contact the Department of Insurance and Financial Services.
