Life Settlement News

The Life Insurance Settlement Association announced its strong support today for the recently introduced bill in the District of Columbia City Council to regulate life settlements in that jurisdiction. This legislation, introduced at the request of the D.C. Department of Insurance, Securities, and Banking, comprehensively protects life insurance policyowners by imposing tough licensing requirements on settlement providers and brokers and thorough oversight of interactions with consumers, including an important new set of disclosures and affirmations designed to buttress insurable interest requirements and prevent STOLI (stranger originated life insurance).

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.

Habersham Funding, LLC, a Georgia-based firm that does business nationally, has been licensed as a viatical settlement provider in California. Habersham, which was founded in 2001 by settlement industry pioneer M. Bryan Freeman, provides the funds for viatical and life settlements, which enable seniors who no longer want or need their life insurance to receive an advance cash payment for their policy, or those with a terminal illness to live with dignity in their last days.

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.

ISC Services is pleased to announce its role as a preferred Life Expectancy Provider to First Equity Benefits of America Inc., a leading Life Settlements firm with offices in New York City and Toronto.

Ramiro Rencurrell, Of Magna Administrative Services, President of the Board of LISA said, it is important that we recognize the efforts of public officials who believe in consumer choice and fight for consumer rights in regards to life settlements and other financial innovations.”

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.

Following the decision of the NAIC Life Insurance and Annuities (A) Committee to adopt varied amendments to the Viatical Settlements Model Act, officials and members of the Life Insurance Settlement Association (LISA) vowed to continue the fight and condemned NAIC’s so-called consumer protection measure as “a direct assault on consumer rights and established law, on the contrary.”

Members of the Life Insurance Settlement Association (LISA) are “prepared to fight” action taken at the just concluded National Association of Insurance Commissioners (NAIC) winter meeting in San Antonio.

The Life Insurance Settlement Association will meet in conference in New York from November 29 to December 1. This will be the twelfth consecutive year for this conference, and it will occur in New York City at the Crown Plaza Hotel in Times Square. As in previous years, LISA will continue to provide leadership for the industry and to confront the challenges of the day. Industry leaders have shown confidence in LISA by breaking registration records for the conference, which is fast approaching 500 attendees.