The Life Settlements Report - November 1, 2007

Problems Bode Ill for Proposed National Law

A 75-year-old North Dakota man wants to sell his $350,000 life insurance policy.
It may not be so easy.
That's because his life settlement broker can't find an affordable surety bond to meet North Dakota's new financial responsibility requirement, and is considering pulling out of the state. Life Settlement Insights, the Cleveland-based broker who may have to stop doing business in North Dakota, isn't alone either. Nine of 21 other active brokers in the state have voluntarily surrendered their licenses due to the bonding requirement, according to insurance department spokeswoman Cecily Fong. Full Story

Stock Is Booming Despite Raft of Legal Threats

Brian D. Pardo survived being shot down as a helicopter pilot in Vietnam, and in business, he's come back from the bankruptcy and liquidation of a company he controlled for more than a decade. So the legal challenges facing Life Partners Holdings, the company Pardo now controls, may be relatively minor in perspective. Full Story

State lawmakers working on proposed legislation to regulate the life settlements industry reached consensus last week on a number of recommendations by securities regulators to clarify their role in overseeing the sale of life insurance policies to investors. Full Story

• Massachusetts Takes Up Legislation Addressing STOLI
• Former Maryland Insurance Commissioner Named President of Life Settlement Providers
• Law Firm Active in Life Settlements Merges
• Former Maple Life Counsel Joins Locke Lord Bissell & Liddell
• Man Charged in Ponzi Scheme Hangs Himself
• NAIFA Names New Deputy CEO