By Martin Arnold in Paris
François Pinault, the French billionaire, has been offered a settlement worth about $270m to end US civil lawsuits for his part in the allegedly illegal acquisition of Executive Life, the failed Californian insurer, in 1991.
Mr Pinault’s family holding company Artémis was yesterday negotiating with lawyers for California’s insurance authority over a possible deal.
A spirited debate on state versus federal regulation of the insurance industry, along with the emerging life settlement business will highlight the Second Annual Industry Summit and Breakfast being held December 5, 2005, at the Union League Club of Chicago, Illinois.
The distinguished panel at the event includes:
- Governor Frank Keating, President and Chief Executive Officer American Council of Life Insurers (ACLI).
- Robert B. Plybon, CLU, ChFC, Chief Executive Officer of Plybon and Associates.
- Greg Serio, Managing Director, Park Strategies, LLC and Former New York State Superintendent of Insurance.
- Albert J. “Bud” Schiff, CLU Chief Executive Officer of New York Life Executive Benefits, LLC.
- Nat Shapo, Sr. Vice President, Chief Compliance Officer for Coventry First and Former Illinois State Insurance Commissioner.
- Thomas E. Workman, President and Chief Executive Officer of the Life Insurance Council of New York, Inc. (LICONY).
The panel’s moderator will be Ron Duska, PhD., the Charles Lamont Post Chair of Ethics and the Professions and Director of the American College Center for Ethics in Financial Services.
Morgan Stanley is sponsoring the Industry Summit for the sixth consecutive year. The event is also co-sponsored by the American College Alumni Association and the American College Center for Ethics in Financial Services.
Source: Accounting Web
Life settlement providers solicit and/or negotiate life settlement contracts. A life settlement contract is between a life settlement provider and a senior citizen or terminally ill person holding a life insurance policy. The contract provides that the provider buys the beneficiary’s rights to the terminally ill person’s life insurance policy. For brokers see “life settlement brokers license.”
If you have life insurance, are diagnosed as terminally ill and need additional income sources, one option may be to sell the policy to a viatical settlement provider. This type of transaction is called a Viatical Settlement.
When you sell your life insurance policy to a viatical settlement company, you receive a lump-sum cash payment that is a percentage of the face value of your policy (usually 40 percent to 85 percent).
The viatical settlement company then sells the policy to a third party who buys it as an investment. The investor makes money on the difference between the policy’s face value and the amount you receive. The investor continues to pay the premiums on your policy until you die, at which time the policy benefits are paid to the investor.
In general, the amount you will receive if you are terminally ill is not subject to federal income tax. If you are diagnosed as chronically ill, the viatical settlement also would not be subject to federal income tax if the funds are used to pay for long-term care services.
Most viatical companies require the following: You’ve owned your policy at least two years; your current beneficiary signs a release; you’re terminally ill (life expectancy of less than five years); you sign a release allowing the provider access to your medical records.
There are many other important considerations to keep in mind, so be certain you’re consulting with a reliable third party who has no financial stake in your decision.
Call 1-888-973-8377 to speak with a Viatical Specialist or get a FREE Online Viatical Evaluation.
Life Settlement Brokers make it easy, so seniors can stay focused on running their business.
People take part in a life settlement for a number of reasons. The two most common reasons are because the life insurance policy is no longer needed or the premiums have become unaffordable. Other reasons include to offset stock market losses, complete a 1035 exchange, or cover the cost of debt caused by any number reasons.
The life settlement broker provides the knowledge and experience to help seniors receive the full market value for their policy. The broker will help them turn their policy into cash.
Call 1-888-973-8377 to speak with a Life Settlement Broker.
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