- (a) Payment of the proceeds of a life settlement contract shall be made by means of wire transfer to the account of the owner or by certified check or cashier’s check.
- (b) Payment of the proceeds to the owner pursuant to a life settlement contract shall be made in a lump sum except where the provider has purchased an annuity or similar financial instrument issued by a licensed insurance company or bank, or an affiliate of either. Retention of a portion of the proceeds by the provider or escrow agents is not permissible.
(Adopted effective March 1, 2000; Amended June 27, 2013)