INS-LIFE SETTLEMENTS ACT

Creates the Life Settlements Act. Provides for the regulation of providers and brokers who enter into life settlement contracts with insureds. Provides license requirements and establishes grounds for the suspension, denial, nonrenewal, or revocation of a license. Sets forth certain requirements and guidelines for life settlement contracts. Requires that providers submit an annual statement to the Director of Insurance. Requires certain documents to be produced by licensees for examination by the Director and sets guidelines for examination by the Director. Provides standards for the advertisement of life settlement contracts by licensees. Requires certain disclosures to be made in connection with life settlement contracts. Sets forth prohibited practices and exceptions. Grants the Director the authority to adopt rules. Sets forth violations and penalties for violations. Amends the Freedom of Information Act to exempt from disclosure certain documents required under the Life Settlements Act. Provides that violations of the Act constitute unfair trade practices subject to penalty under the Consumer Fraud and Deceptive Business Practices Act and amends the Consumer Fraud and Deceptive Business Practices Act to include the violations. Repeals the Viatical Settlements Act. Effective immediately.