The Life Settlements Report - July 5, 2007

Hedge Fund Manager Reorganizes Holdings

Representatives of the life settlement industry don’t expect last week’s approval of Ritchie Capital Management’s bankruptcy petition to slow the secondary market’s rapid growth. Full Story

Guest Commentary

The National Association of Insurance Commissioners (NAIC) recently approved revisions to its Viatical Settlements Model Act (the VS Act). Key portions are aimed at thwarting so-called “stranger-initiated life insurance” (“SILI”) transactions. These portions could be called the “SILI Amendments.”

Carrier Says Policy Was Fraudulent STOLI Transaction

An elderly man and his son are suing New York Life Insurance over the insurer’s cancellation of the father’s $3.57 million life insurance policy. Full Story

• Law Firm Says Federal Insurance Bill Could Hurt Life Settlement Market
• Premium Finance Group Opposes NAIC Model Act
• Life Expectancy Firm 21st Services Gets New Investment
• Insurance Policy on TV Pitchman is Key Asset in Bankruptcy Case
• Managing Partners Names Capitaine Head of Institutional Sales
• Three Partners Jump from Brown Rudnick to Stroock & Stroock