Life Settlement - Regulation News

The Florida Office of Insurance Regulation (Office) today issued a Notice and Order to Show Cause to Coventry First LLC alleging violations of the Florida Insurance Code and for “engaging in fraudulent or dishonest practices.” Coventry First LLC, founded in 1999, engages in the purchase of life insurance policies of elderly individuals in exchange for cash payments.

An Association for Advanced Life Underwriting official would like to see regulators at the National Association of Insurance Commissioners change the NAIC’s proposed life settlements model revision.

Consumer and industry must benefit equally in life settlement legislation. That was the message behind a recent web-based seminar focusing on the National Association of Insurance Commissioners (NAIC) Viatical Settlement Model Act governing the life settlements field, which brought together recognized legal, financial and industry experts.

Large Dutch pension plans are turning to securitized life insurance policies, or life settlements, as a new source of uncorrelated returns.

Troy, New York, March 30, 2007 — Representative Michael Ripley (IN), Chair of the National Conference of Insurance Legislators (NCOIL) Life Insurance & Financial Planning Committee, has scheduled an interim meeting of an NCOIL Subcommittee on Life Settlements on Saturday, April 21, at the Hyatt Regency Crystal City at Reagan National Airport outside Washington, D.C. During the meeting, which is scheduled from 10:00 a.m. to 4:00 p.m. and will be open to the public, legislators will consider amending an NCOIL Life Settlements Model Act.

At a time when life settlements are under pressure from state regulators in regards to disclosure issues, PerformaCorp establishes a standard procedure for full disclosure on every transaction.

- Company Now Complies With NASDAQ Listing Requirements –

Life Partners Holdings, Inc. (Nasdaq:LPHI) announced today that the board of directors has unanimously voted to appoint Dr. Harold E. Rafuse as an independent director and member of the audit and compensation committees as of November 1, 2006. Dr. Rafuse was appointed to fill the unexpired term of LPHI director Lt. General Harry Goodall after his untimely death in September.

Attorney General Eliot Spitzer today sued a leading financial services company, alleging that it orchestrated a broad scheme to defraud owners of life insurance.

The lawsuit targets the fast-growing “life settlements” industry, where investors buy life insurance policies from policy owners, make premium payments as they come due, and then collect death benefits when the insured person dies. The industry has tripled in size during the last three years and now accounts for more than $6 billion in revenues, according to industry analysts.