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Bill 219

An open, well-regulated secondary market  for life insurance policies in Ontario would be beneficial for life insurance policy owners; especially for seniors, who can no longer afford their premiums or who no longer need the death benefit.

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About Bill 219

Currently, section 115 of the Insurance Act prohibits any person, other than an insurer or its duly authorized agent, from trafficking or trading in life insurance policies. The Bill amends the prohibition so that it does not apply if the life insurance policy is sold or assigned by the original policyholder or a transferee, used as collateral security or donated to a charity.

The Bill provides for a 10-day cooling-off period, during which time an agreement to sell, assign, use as collateral security or donate a life insurance policy may be cancelled. The Financial Services Regulatory Authority of Ontario is required to provide oversight in respect of the transactions.

Bill 219, Life Settlements and Loans Act, 2020

Rudy Cuzzetto, MPP Presents Bill 219, the Life Settlements and Loans Act, 2020