Life Settlement Articles Posted Under ‘Life Settlements News’

Wisconsin Senate Approves Settlement Bill

Thursday, February 25th, 2010

National Underwriter Life and Health

By: Trevor Thomas

The Wisconsin Senate Tuesday unanimously passed a bill requiring life insurance policies to be in force at least 5 years before consumers can sell the policies through a settlement. The bill, S.B. 513, would change an older law that has permitted consumers to sell policies after holding the policies for 2 years.

Commentary by Life Policy Group:

Evidence that consumer choice is restricted again because the regulators and the life offices will not properly monitor the applications for life insurance and act accordingly.

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Will Regulators Kill Off Fledgling Secondary Market for Death Benefits?

Tuesday, February 23rd, 2010

Investment News

By: Darla Mercado

State insurance regulators Monday voted in favor of a proposal that would allow carriers to terminate an annuity living or death benefit if a client sold the contract over the secondary market.

The management committee and full commission of the Interstate Insurance Product Regulation Commission, a group that’s affiliated with the National Association of Insurance Commissioners, voted in favor of a uniform set of additional standards for guaranteed living and death benefits that are attached to individual deferred annuities.

Some 36 jurisdictions, including Puerto Rico, comprise the IIPRC. Thirty regulators took part in the full commission vote on Monday. Only Indiana voted against the proposal.

Commentary by Life Policy Group:

It’s difficult to see the logic in this.  It hardly enhances customer choice and yet again returns power to  the few!

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Life Insurers, Life Settlement Group Spar Over Securitization

Tuesday, February 9th, 2010

Insurance and Financial Advisor

By: Bob Graham

A new policy statement from a life insurers’ group, suggesting that the securitization of life settlements needs to be regulated, has sparked a sharp response from a life settlement trade group.

The American Council of Life Insurers (ACLI), representing nearly 300 companies providing life insurance, recommended that the securitization of life settlements “be prohibited by legislation or regulation.”

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Settlement Execs Blast ACLI Comment

Friday, February 5th, 2010

National Underwriter Life and Health

By: Trevor Thomas

Several life settlement organizations have reacted strongly to the American Council of Life Insurers’ recent statement calling for a ban on the securitization of life settlements.

“Once again. ACLI has chosen to mix apples and oranges when condemning the life settlement market,” said Jack Kelly, director of government affairs for the Institutional Life Markets Association, Washington. He was responding to a policy statement from the ACLI, Washington, holding that the securitizations of life insurance settlements should be prohibited by legislation and regulation.

Commentary by Life Policy Group:

It’s good to hear the comments of Jack Kelly.  Let’s hope that there are more people in government affairs who will stand up and be counted.

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Insurers Dead Set Against Life Settlement Securitization

Thursday, February 4th, 2010

Investment News

By: Darla Mercado

The American Council of Life Insurers is asking policymakers to bar the securitization of life settlements.  The group said yesterday that securitization would encourage promoters — keen on developing a secondary market — to entice seniors to sell their life insurance policies, even when it’s not in their best interests to do so.

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