How Do the Privacy Laws and USA Patriot Act Apply to the Life Settlement Industry?

Abstract

This article analyzes the application of the Gramm-Leach-Bliley Act, Health Insurance Portability and Accountability Act of 1996 (HIPAA) privacy laws, and the USA PATRIOT Act to the life settlement industry. The article further examines how the USA PATRIOT Act created anti-money laundering, suspicious activity reporting, and know-your-customer regulations that apply differently to various segments of the life settlement industry. In addition, the article examines the impact of modern financial and health privacy laws and how they impact insurance products that require disclosure of sensitive information from its customers.