Life Settlement News

The NASD and SEC have stressed over the last year or so the importance of maintaining open lines of communications with the industry and both have been using technology to make those conversations easier.

Advanced Life Settlements Management, B.V. (“Advanced LSM”), a specialized Dutch firm active in life settlements responded to rumours today of a possible alliance with a major US investment bank.

The National Association of Insurance Commissioners (NAIC) has adopted amendments to its Viatical Settlements Model Act. “This action was taken despite the fact that the model was poorly drafted, did not meet the stated objectives of the regulators and was expedited without having fully considering the issues raised by all industry sectors,” according to Scott J. Cipinko, executive director of the Life Insurance Finance Association (LIFA).
In addition, the adopted changes do not recognize how the life insurance industry and the secondary markets actually operate. “This is just unsettling. The rights of the consumers were not actually considered, and the changes will impair the rights of many life insurance consumers that the Model Act was aimed at protecting,” continued Cipinko.

The state will not launch a formal investigation into Boca Raton philanthropist Barry Kaye’s relationship with a company accused of defrauding the elderly, an official from the Department of Financial Services said Tuesday.

Secondary Life Capital, LLC
(“SLC”) announced today that the State of Mississippi has granted their life settlement provider license. In addition to Mississippi, SLC was recently awarded a life settlement provider license in both Texas and Tennessee. Founded in 2003, the Washington DC based firm is a leading provider of life settlements and life settlement portfolios to institutional investors worldwide.

Life-Exchange, Inc., (Pink Sheets:LFXG) the nation’s leading trading platform for the life settlement industry, announced today that their system has been successful in preventing the first attempted abuse of the electronic life settlement market. Three weeks ago it was discovered that a member broker had attempted to circumvent the exchange and simultaneously defraud their client by falsifying the offer amount. Due to the cooperation of Advanced Life Settlements Management (Advanced LSM), the first European member to join Life-Exchange, and other exchange members the abuse was quickly detected and prevented.

A Denver District Court judge has issued a restraining order against Life Partners Inc. and Life Partners Holdings Inc., Colorado Securities Commissioner Fred Joseph said Wednesday.

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.

Berlin Atlantic Capital (BAC), the leading German investment house for Structured Life Products, has strengthened the management team of its US subsidiary, BAC Structured Life Group, with the addition of several experienced industry professionals.