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The US life settlement provider (Life Partners Inc.) said life settlements were a safe and transparent investment which provided a good return.
Brian Pardo, chief executive of Life Partners, said the company had listed on the stock exchange in order to bring more clarity and transparency to life settlements.
Life Partners requires a minimum investment of $50,000 (£31,000) and all investors must meet the US definition of an accredited investor which requires them to have over $1m (£619,752) net worth.
Mr Pardo said: “I don’t think life settlements are that complicated, no more than real estate.
“It is a very simple transaction and gets complicated when you are making a fund or derivative out of it.”
“Most of the problems that we have seen in the industry are miniscule compared to the problems in the stock market and mortgage industry.”
More details, and minimum investment requirements at the full article:
ftadviser.com/Investments
Helfpul Links:
Life Settlement Investments
Texas Life Settlement
This news reported bye Bloomberg is not good news, but talk within the industry was thinking it could have been worse…
Policies sold by insured individuals in 2009 had a face value of about $8 billion, a decrease of 36 percent from a year earlier, Conning & Co. said today in a statement.
“During 2009, a significant decrease in investor capital reduced the ability of life-settlement funds to purchase new policies,” Scott Hawkins, an analyst for Hartford, Connecticut- based Conning, said in the statement.
About $35 billion of U.S. life settlements were in force at the end of last year, up 16 percent from 2008, Conning said. Investors pay the premiums after buying the policies, and make money if the remaining costs are less than the final payout when the seller dies.
Conning said the industry was hampered also by new methods for calculating life expectancy. Underwriters made the changes in late 2008 and early 2009, extending average estimates for life expectancy and creating uncertainty about the accuracy of earlier contracts.
Read more at Bloomberg.com
That’s right, the Las Vegas Life Settlement Conference is right around the corners… October 3 – 5, 2010. It is located at the amazing Wynn Resort in Las Vegas.
The Life Settlements Conference hosted by DealFlow Media is the largest and most influential event in the business. This is the premier event for hedge fund managers, providers, brokers, investors and attorneys involved in the secondary market for insurance products. The agenda provides the most complete curriculum in the business presented by an international group of speakers, and unprecedented networking opportunities.
Conference Topics:
Costs:
* Life Settlements Conference Registration – $1,695
* Life Settlements Conference Registration + Golf Tournament – $1,795
More Info and Helpful Links:
Life Settlement Conference
Las Vegas Hotel Specials
Dealflow Media Official Conference Page
New Hampshire and Wisconsin have joined with other states in enacting or updating life settlement laws in recent months and California’s Insurance Department issued new regulations just weeks before its new life settlement law was to go into effect on July 1, 2010.
New Hampshire Governor John Lynch (D) signed HB 660 effective June 14, 2010. New Hampshire’s statute is primarily based on the model life settlement law adopted by the National Association of Insurance Commissioners (the NAIC), and, among other things, imposes restrictions with respect to stranger-originated life insurance transactions (STOLI):
On May 13, 2010, Wisconsin Governor Jim Doyle signed into law Senate Bill 513 (SB 513). SB 513 is a hybrid of the NAIC Viatical Settlements Model Act and the Life Settlements Model Act of the National Conference of Insurance Legislators (NCOIL), and includes a requirement with some exceptions that life insurance policies be in force for at least five years before they can be sold in the secondary market.
Wisconsin requires life settlement providers and brokers to obtain licenses and imposes on them disclosure and anti-fraud obligations. The purchase price paid to a Wisconsin policyowner for a life insurance policy must be less than the death benefit, but more than the cash surrender value.
On June 11, 2010, the California Insurance Department issued proposed regulations, on an emergency basis, to implement Senate Bill 98 (SB 98) signed on October 11, 2009 by California Governor Arnold Schwarzenegger which was effective as of July 1, 2010. The new California law targets (STOLI) transactions. SB 98 repeals previous laws regarding viatical settlements, which only applied to life insurance policies belonging to individuals with terminal diseases. SB 98 regulates all life settlements, including sales of life insurance policies by healthy insureds.
Unlike New Hampshire and Wisconsin, California’s updated life settlement law imposes only a two-year ban on life settlements but it establishes a statutory definition of STOLI and classifies STOLI transactions as fraudulent acts. California’s law was primarily based on the NCOIL Model Act.
Source: Lexology
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