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Mark Engelhardt, former chief executive of Life Policy Group, said he was fired from the New York-based firm because it didn't want to pay him commissions on a $200 million investment he brought to the firm.
The lawsuit was filed Aug. 25 in the Supreme Court of the State of New York in New York County. Full Story
A Pennsylvania legislator who introduced a bill that would prevent policies from being sold until five years after issuance appears to be changing his stance and may be supporting legislation favored by the life settlement industry that calls for a two-year waiting period before policies can be settled. Full Story
SL Investment Management's two-year-old Life Plus Life Settlement Fund has earned a 10.26% return since its launch, the Chester, England-based company said in a statement Tuesday. Full Story
Celebrity Betty White is showing no signs of slowing down as the octogenarian has seen a resurgence of her 60-year career. Full Story
Lifemark has sold four policies for less than $5 million as it continues to work on a permanent restructuring plan, said the Luxembourg company's provisional administrator Eric Collard today. Full Story
Life Settlement Solutions, a San Diego-based provider, said it has new agreements with two funders and is looking at offering new products. Full Story
ISC Services, a Clearwater, Fla.-based life expectancy firm, said today it is releasing a new premium optimization product, which provides minimum premium payments through policy maturity. Full Story
The National Conference of Insurance Legislators (NCOIL) is seeking public comment on its proposed consumer disclosure model act. Full Story
Two Burbank, Calif., insurance agents have been sued by Deutsche Bank in federal court for breach of contract and fraud in connection with the purchase of two policies the bank said never existed, according to The Wall Street Journal. Full Story
An administrative law judge in Texas has upheld the Texas State Securities Board's cease-and-desist order against The Stamford Group. Full Story
New York premium-finance company InsCap Management uncovered evidence of alleged forgeries in at least 15 multimillion-dollar insurance policies it had originated, including one taken out by a former Tennessee insurance commissioner, according to internal company documents obtained by The Life Settlements Report. Full Story
The U.K.'s Financial Services Authority appears to be making good on its promise earlier this year that it would hone in on life settlement bond issuers and financial advisers to make sure they are not misrepresenting the risks of life settlement-based investments to individual British investors. Full Story
A dispute involving a New York fund manager affiliated with InsCap Management, which invests in life settlements and other life insurance products, has triggered a demand by the major investors to wind up the fund and remove the fund manager for "fraud and gross misconduct."
Executives of life settlement fund manager Policy Selection have launched a new income-earning fund that will invest in loans to terminally ill cancer patients using their life insurance as collateral. Full Story
- Engelhardt Says He Was Stiffed on Commissions
- Lifemark Sells Four Policies
- NCOIL Seeks Comment on Model Act
- Judge Upholds Order against Stamford
- Coventry Complains to Regulators about AXA
- Massachusetts Bill May be Considered after Labor Day
- LLMA Proposes Index Framework
- SL Investment Reports 10% Return
- Lifeline Holds onto Star Betty White
- Hirings & Firings
