美國에서의 生命保險轉賣制度의 規制와 그 示唆點

Viatical settlements consist of the buying and selling of life insurance policies of terminally ill policyholders. Viatical settlement agreements arose from the need of terminally ill persons to obtain funds to pay exorbitant medical expenses caused by the rising costs of health care in USA. The insured is paid a lump sum of money and the viatical settlement company obtains the right to receive the death benefits of the policy when the individual dies. The viatical settlement business emerged in 1989 with the company engaging in this type of transaction. This note deals with the following contents. Section II discusses the history and characteristics of the industry. Section III explores advantages and disadvantages of the availability of the viatical settlement option, and provides an in-depth examination of the operation of viatical settlement companies. It discusses the process by which an individual and a viatical settlement company enter into a viatical settlement, including purchase criteria, risks assumed by the viatical settlement company. Section IV explores the theory of viatical settlements as security transactions regulated by the SEC. Therefore this section considers the classification of viatical settlement as securities for purposes of the Securities Laws. Section V examines the Viatical Settlement Model Act and Model Regulation proposed by the National Association of Insurance Commissioners (NAIC). Because most states have modeled their legislation after the National Association of Insurance Commissioners' Model Act and Model Regulation. Section VI is the conclusion of this paper, and discusses the influence that the viatical settlement in USA experts on the related legal system in KOREA.