Life Settlement News

Insurance mogul Barry Kaye, who has told Florida Atlantic University he will not fulfill his $16 million pledge to the school, is now facing a federal lawsuit in relation to his once mega-profitable life settlement business.

Life-Exchange, Inc., (OTCBB:LFXG), the nation’s leading trading platform for the life settlement industry, announced today its third quarter 2009 financial results for the three months ended March 31, 2009.

The Financial Industry Regulatory Authority Inc. might issue guidance in coming weeks regarding fees firms can charge for life settlement transactions, a Finra executive said today in Boston at the agency’s annual meeting.

A number of insurers saw their risk-based capital ratios and statutory surplus levels soar last year because of accounting breaks they received from their respective state regulators, according to a new report from Moody’s Investors Service.

Yesterday, the Internal Revenue Service issued two Revenue Rulings that constitute the official position of the IRS on certain key tax issues in the life settlement arena. Uncertainty in this area had plagued taxpayers and tax practitioners for years. The guidance is therefore welcomed.

Life-Exchange, Inc. (OTCBB: LFXG) announced today an exclusive joint venture with MediSummary. MediSummary is a specialty medical underwriting firm with a focus on the life settlement and premium finance market. Founded in 2006 by Cristina Fossati and headquartered in Coral Gables, FL the firm counts more than 50 different financial institutions as clients. Beginning February 1, 2009 Ms. Fossati and her team will begin offering their services exclusively through Life-Exchange.

Life-Exchange member, European Life Settlements Management announced today the launch of their new Luxembourg based life settlements fund, the European Life Settlements Fund. Under the supervision of the Luxembourg Financial Authorities the fund will provide investors with the much needed transparency and regulatory oversight necessary to successfully invest in life settlements.

(OTCBB:LFXG) the nation’s leading online business-to-business exchange for the life settlement industry, announced today its financial results for the fiscal year ended June 30, 2008 with revenue of $1,294,596 and a net income of $332,128 for the same 12 month period.

The Kentucky House of Representatives has taken an important
step to protect life insurance consumers with a ban on stranger originated life insurance (STOLI) schemes,
according to the Life Insurance Settlement Association. HB 348, unanimously passed last week, protects
consumers by succinctly and directly prohibiting initiation of life insurance for wager purposes—without rolling
back a policy owner’s property right to gain or utilize the market value of a properly initiated policy as he sees
fit.

Father, daughter accused of preying on seniors Father

A Redding father and daughter are among eight people indicted by a federal grand jury on felony charges alleging that they tried to bilk about 500 investors, many of whom are senior citizens, out of more than $25 million, officials with the U.S. attorney’s office and Securities and Exchange Commission announced Thursday.