The Life Settlements Report - September 6, 2007

Commissioner Jim Poolman Resigns for Consulting Gig

Jim Poolman, the insurance commissioner who led the drafting of a proposal to regulate the life settlement industry, denied showing favoritism toward a premium finance company that donated $40,000 in campaign contributions to him and his political party. Full Story

State Considering New Settlement Law to Protect Privacy

As New York’s Legislature considers a new bill to regulate life settlements, two key lawmakers say they oppose a major element that could harm the secondary market. Full Story

The Securities and Exchange Commission has shut a Redding, Calif., company, which it alleges bilked $25 million from hundreds of seniors and others in 20 states who bought fractional interests in life insurance policies. Full Story

• LISA is opposing full disclosure of broker commissions
• A Texas provider will buy policies for a German bank
• LISA is objecting to a proposed Florida regulation on disclosures
• A New Jersey company has reached an agreement for $2.5M in financing
• Lincoln National and Prudential Financial are reporting a drop-off in STOLIs
• A premium finance company raised $400M and named a new CEO
• A Massachusetts man has responded to a fraud complaint
• NAIFA-Pennsylvania polled its members on STOLIs