Life Settlement News

The Life Insurance Settlement Association (LISA) has announced that the European Life Settlement Association (ELSA) has been named as an Honorary Member of the association, joining fellow European association BVZL as the second entity to receive the exclusive distinction.  Speaking to the appointment, LISA Executive Director Doug Head explained, “this move further strengthens our relationship with ELSA.  As the settlement market continues to grow and more capital flows from Europe, this relationship will be invaluable to both American and European interests.”

Agreement Outlines Industry Best Practices; No Fine or Penalty Assessed

With interest in the life insurance settlement industry at an all time high, industry founder Wm. Scott Page today warned of a “carpet-bagger” mentality that could be troublesome for the industry. Page, president and CEO of www.thelifeline.com, says that an increasing number of operators are rushing into the industry and promising unrealistic and untenable returns.

As the global economy starts to show signs of a recovery, investors and their advisors are increasingly recognizing life settlements as a stable and viable asset class.

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.

Old Mutual Plc., one of London’s largest insurers dropped as much as 9.4% in UK trading today after announcing a charge of $502 million to its Bermuda based unit stemming from failed hedges. The company said that unless market conditions change they may see an additional charge of $30 million.

The Life Insurance Settlement Association published a graphic representation of the life settlement process. “This is our effort to clear up some of the mystery and misinformation surrounding the process so that everyone can work from a common understanding,” says LISA Executive Director, Doug Head.

Legacy Benefits Corporation (New York), a recognized leader and innovator in the life settlements industry, has been granted a life settlement provider license in the state of Colorado, which recently enacted legislation regulating the field.

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.

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.