Conway Speaks at Life Settlement Industry Webinar

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.

“While life settlement industry members do not want to be involved with improperly issued policies, key proposed revisions to the NAIC Model Act severely and arbitrarily restrict consumer access to the legitimate secondary life insurance market,” said Chris Conway, Senior Associate for Business Development at Legacy Benefits Corporation, a recognized leader in the life settlements field. Conway, a 15-year industry veteran, spoke about the Act’s impact on consumers and life settlement companies.

Pointing out that much of the proposed legislative change is directed at problems surrounding improper policy issuance, he said that these issues are rapidly being addressed by the insurance industry, as they should be. “The burden should not be placed on consumers and the secondary market to pay for these typically preventable mistakes,” he commented.

This latest version of the Model Act is a call to action, according to Conway. “Secondary market participants and consumers need to contact their legislators and insurance commissioners,” he noted following the seminar. “Market participants are also encouraged to join LISA, the life settlement industry’s oldest and largest trade association and voice of the industry.”

Conway also noted that as one of the oldest life settlement companies in the secondary market, Legacy Benefits is aligned with LISA on the position that the recent burgeoning interest in life settlements testifies to a growing consumer acceptance of the value the secondary insurance market affords policyholders. Legacy’s own experience demonstrates that the number of consumers seeking fair market value for their life insurance property has nearly doubled from year-to-year since 2000.
Prohibitions in the current version of the Model Act, which was recently adopted with several modifications in North Dakota, restrict consumers from engaging in certain types of secondary market transactions prior to the fifth anniversary of their policy issue date.

“Imagine telling consumers that any other form of property they purchase cannot be appraised, sold, pledged, or otherwise evaluated for five years from the date of purchase. How can anyone argue that such a restriction is in the consumer’s best interest?”

Conway was joined at the event by attorney Brian Casey, a partner with Lord Bissell & Brook LLP and Bryan Freeman, president of Habersham Funding LLC. The seminar was produced by Dealflow Media and sponsored by Life-Exchange.

About Legacy Benefits
A recognized leader in the life settlement industry, Legacy Benefits pioneered this burgeoning specialty finance field more than 15 years ago and today maintains its reputation as an industry innovator. It utilizes an ever-evolving array of sophisticated analytical tools and upholds the highest ethical standards when evaluating and acquiring insurance policies. Legacy Benefits was founded by company president Meir Eliav, a 30-year financial services veteran, who was a founding member and past-president of LISA. Visit the company’s website at www.legacybenefits.com.

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