The Life Settlements Report - April 17, 2008

Others May Follow, but Some Doubt Business Model

Phoenix Life Solutions finally made good on its promise to enter the life settlements market, making a splash with its announcement that it was joining the business earlier this month.

But what this means for the rapidly growing secondary market for life insurance is not clear.

Only Louisiana Sets Limits

Many in the life settlement industry decry what they consider discriminatory questions on life insurance policy applications, but the only evidence so far of possible carrier bias has surfaced in the non-recourse premium finance area.

Consumers who want to use non-recourse financing in which the policy is the collateral generally have been denied coverage for the past three years.

Trade Groups Oppose Proposal Unless Revised

Representatives of the life settlement industry say they oppose California's proposed law to regulate the secondary market for life insurance, but would back it if a number of changes were made.

• Cantor LifeMarkets Signs Distribution Deals
• Chesapeake, Select Form New Brokerage
• Life Settlement Solutions Hires Business Development Executive
• Locke Lord's Casey Named Practice Group Leader
• Kentucky Governor Signs Bill Based on NCOIL Model
• West Virginia to Establish Emergency Rules for Life Settlements
• Maine Governor Signs Life Settlements Law
• Kansas STOLI Legislation Sent to Governor
• Nebraska Legislature Approves Five-Year Wait for Settling Policies
• Iowa Legislature Approves Five-Year Wait for Settling Policies
• Court Rejects Involuntary Bankruptcy for Ritchie Fund
• NAIC Consumer Representatives Renew Request on Conflict Probe
• A.M. Best to Hold Webinar on Life Settlements