Life Settlement Summit
December 11, 2007 by Administrator

Life Settlement Summit
Examining Strategic Opportunities and Effective Investment Strategies

Doubletree Hotel Philadelphia
March 11-12, 2008

The National Underwriter Company Life Settlement Summit is the most educational event for carriers, providers, brokers and investors involved in this sector. This summit will cover the latest political, regulatory and legal developments as well as new products, investment strategies, and pricing structures.

Featured Speakers:
Alan Buerger
Co-Founder and Chief Executive Officer
Coventry

Stuart Hersch
President and Chief Executive Officer
Cantor LifeMarkets

Erik Friedman
Senior Managing Director Investment Banking
Bear, Stearns & Co

Rep George J. Keiser
Chairman
Life Settlements Subcommittee
National Conference of Insurance Legislators

Don’t miss out hearing from an excellent lineup of CEO speakers representing:

Life Settlement Solutions

Neuma Inc.

Secondary Life Capital, LLC

Milestone Managers and Providers

Proverian Capital, LLC

Q Capital Strategies, LLC

Abacus Settlements, LLC

Life Insurance Settlements, Inc

Integrity Capital Partners LLC

Select Life Settlements Corporation

Advanced Settlements, Inc

Ashar Group LLC

Wealth Management Capital Holding GmbH

Life Equity LLC

Life Settlement Hedge Fund Auction
December 6, 2007 by Administrator

Ritchie Funds Delay Asset Auction
Two funds that were put into bankruptcy by hedge fund firm Ritchie Capital Management put off a scheduled auction of their assets, claiming that insurer Coventry First is withholding documents that are critical to the assets’ value.

On Thursday, bankruptcy court judge Burton Lifland agreed to delay the auction until Jan. 9.

The Ireland-domiciled funds sought bankruptcy protection in June after they lost about $700 million on investments in life insurance settlements issued by Coventry First.

Coventry First buys life insurance policies and, after paying the policyholder a settlement price, sells the rights to the policies to investors.

In documents filed in the bankruptcy case, Ritchie claimed that the assets won’t be worth their full value if they don’t include the underlying documentation, called life settlement files, for the asset-backed securities. Coventry is in possession of those files.

Coventry, however, claimed Ritchie never owned the files and, therefore, can’t include them in the auction.

The bankruptcy court judge has yet to rule on the issue of who owns the files, according to attorneys for both sides.

In May, Ritchie sued Coventry First under the Racketeer Influenced and Corrupt Organizations Act. The lawsuit alleges that Coventry defrauded both policy owners and investors by engaging in bid rigging and concealing unlawful practices.

Last year, when New York State Governor Elliot Spitzer was still attorney general, he sued Coventry claiming it engaged in fraudulent practices. That case was mostly dismissed on jurisdictional grounds. A Florida investigation into Coventry was settled without an admission of liability, although the company agreed to pay $1.5 million for the cost of the investigation.

Source: HFN

U.S. Supreme Court Declines Virginia Settlement Case
December 3, 2007 by Administrator

The U.S. Supreme Court decided Monday not to rule on a case brought by Life Partners, a Waco, Texas, provider, on whether states can regulate life settlements.

Life Partners had hoped the top court would resolve conflicting opinions on the matter in two federal circuit courts.

Life Partners had appealed a U.S. 4th Circuit Court of Appeals case in Richmond, Va., that went against the company on April 30. It upheld a lower court that said viaticals are to be considered part of the insurance business and thus can be regulated by states.

A 1996 decision by the U.S. Court of Appeals in Washington, D.C., ruled that Life Partners transactions did not constitute the business of insurance.

The Virginia case involved a viatical policy sold by a terminally ill woman who had invoked the state’s minimum pricing provision. Life Partners had paid her $29,000 for her $115,000 policy. But she later learned that she would have been entitled to at least $69,000 under the state’s pricing policy.

Ohio Bill On Life Settlements To Be Introduced
December 2, 2007 by Administrator

Two Ohio legislators are expected to introduce a new bill tomorrow that would impose a five-year waiting period before new life insurance policies could be settled. The bill is meant to deter stranger-originated life insurance (STOLI).

Jay Hottinger, a Republican in Ohio’s House of Representatives, and Matthew Barrett, a Democrat, plan to introduce House Bill 404 in the Insurance Committee, according to Jonathan Baker, a legislative aide for Hottinger.

He said his office worked on the bill with the American Council of Life Insurers (ACLI), a trade group representing major carriers, and the Ohio Insurance Department.

A committee hearing on the proposal may be scheduled for next Tuesday or Wednesday, Baker said.

“Life insurance is designed to provide protection to covered individuals and those who have an interest in that person’s life,” Hottinger said in a Nov. 30 joint press statement with Barrett. “The practice of STOLI financially benefits those who have a great interest in that person’s death. That’s why Ohioans should be interested in stopping this unconscionable practice.’

“We’re closing a dangerous loophole with this legislation,” Barrett said in the statement. “We must stop people from taking advantage of some of our most vulnerable citizens, and this bill takes a big step toward broadening protections for our seniors and their families.”

Source: APÂ

This should not have any effect on normal Life Settlement Transactions in the state of Ohio. Call 1-888-973-8377 with any Life Settlement questions or cases.

Newer Listings