Life Settlement News

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.

The NAIC Model Act - How Proposed Revisions Could Impact Life Settlements
April 26, 2007
1:00 - 2:30 PM (EST)

In light of recent revelations regarding the mass purchase of investor-initiated life insurance at Oklahoma State University, state legislators and regulators should beware of protectionist measures sponsored by life insurors, says Doug Head, executive director of the Life Insurance Settlement Association.

Lawsuit Alleges That California Firm Engages in Longstanding Scheme to Defraud Seniors Out of Hundreds of Millions of Dollars in Life Insurance Coverage
Predatory Practice Taints All Legitimate Premium Financing Programs

A lawsuit filed late yesterday in the California Superior Court for Orange County, California, alleges that a California life insurance premium finance agency has “created a deceptive premium financing program” that has defrauded seniors out of hundreds of millions of dollars of life insurance protection.
The lawsuit was filed by Toni Y. Jones, in her capacity as Investment Trustee for the Harry L. Jenkins Irrevocable Insurance Trust (“Trust”), along with Mark Ross & Co., Inc., a leading life insurance broker and XE-R, LLC, a premium financing agency with business operations in New York.

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.

The suitability of ‘experienced investor funds’ (EIFs) within offshore bonds based in the Isle of Man has been questioned by a former regulator in the territory.

The Life Settlement Institute (LSI), the leading organization representing secondary market providers for life insurance, reaffirmed today its pro-consumer and pro-competition efforts to regulate life settlements.

Life Insurance Finance Association to Host First Conference; Conference to Bring Members of Insurance Industry Together and Celebrate Organization’s First Year in Existence

Formed last year to address emerging matters affecting the life insurance premium finance market, the Life Insurance Finance Association (LIFA) has had great success in working cooperatively with insurance carriers, regulators, other associations, and consumers, and has issued an industry-approved code of conduct.