Media Coverage

Optimism, Expectations High for Life Insurance Settlement Association’s 18th Annual Fall Conference

Orlando, FL - The Life Insurance Settlement Association (LISA) proudly announces its agenda and keynote speakers for its 18th Annual Fall Life Settlement Conference and Life Settlement Compliance Conference, coming to the Portofino Bay Hotel, in Orlando, FL, on November 7-9, 2012.

This informative three-day event will empower consumers and investors alike with detailed knowledge about life settlements and the possibilities and rewards of this burgeoning market for life insurance...READ MORE.

09/10/2012
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Life Insurance Settlement Association to Host Industry’s Largest Life Settlement Conference in Orlando this Fall

Orlando, FL - The Life Insurance Settlement Association (LISA) announces its 18th Annual Fall Life Settlement Conference and Life Settlement Compliance Conference, to be held at the Portofino Bay Hotel in Orlando, FL, November 7-9, 2012.

The three-day event, supported by platinum sponsors Coventry First and CMG Life Services, will provide knowledge and expertise on legislative and regulatory issues, consumer advocacy and outreach, life expectancy and mortality, policy origination innovation, and institutional investment and management issues. In addition, attendees of the Compliance Conference will be eligible for Continuing Legal Education (CLE) credits...READ MORE.

07/18/2012
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Kentucky State Representative Robert Damron Named “Legislator of the Year” by the Life Insurance Settlement Association: Honoring Damron’s National Leadership on behalf of Life Insurance Consumers 

Orlando, FL - The Life Insurance Settlement Association (LISA) has named Kentucky Representative Robert Damron its “Legislator of the Year for 2012.”

The award was presented to Representative Damron at LISA’s 18th Annual Spring Conference, held in Philadelphia May 21-23. In awarding a plaque to Representative Damron, Chairman of LISA’s External Affairs Committee Bryan Freeman said “LISA bestows this honor to Representative Damron for his unmatched dedication in protecting life settlement market participants and the consumers we serve. Representative Damron has earned the admiration and reputation of his colleagues and insurance industry participants as the most informed and active public policy maker on life insurance issues in the United States today"...READ MORE.

06/04/2012
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Life Insurance Settlement Association (LISA) Wraps Up Successful Spring Conference in Philadelphia  

Orlando, FL - The Life Insurance Settlement Association (LISA) recently concluded its successful 18th Annual Spring Conference, held in Philadelphia on May 21-23, 2012. More than 190 people from nine countries attended the conference.

The three-day event featured a variety of insightful and informative presentations focusing on legislation and regulatory issues, consumer advocacy and outreach, life expectancy and mortality, and institutional investment and management issues. In addition, Washington political analyst Michael Barone presented his perspectives on the current political landscape...READ MORE.

05/31/2012
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Life Insurance Settlement Association (LISA) Elects New Board Members, Officers: Alan Buerger of Coventry to Lead Organization  

Orlando, FL - LISA announced the election of the following individuals to its Board of Directors at its Members’ Meeting held on Monday, May 21, 2012 in Philadelphia. New Directors elected for a two-year term include:

- Alan Buerger, Chief Executive Officer, Coventry First, LLC
- Nate Evans, President and Chief Executive Officer, Maple Life Financial
- Mike Fasano, President, Fasano Associates
- Vince Granieri, Chief Financial Officer and Actuary, 21st Services
- Phil Loy, Co-Founder, AVS Underwriting, LLC
- Paul Siegert, Chairman and President, GWG Life Settlements, LLC

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05/30/2012
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Final Lineup Announced for LISA’s Life Settlement Spring Conference 

Orlando, FL - Don’t miss the Life Association Settlement Association’s (LISA) 18th Annual Spring Life Settlement Conference and Pre-Conference Workshop, taking place at the Westin Philadelphia, on May 21 to 23.

The conference includes an outstanding lineup of speakers, with the conference program structured around four distinct themes: consumer outreach for eligible policies, life expectancies and mortality issues, ongoing legislative and regulatory issues, and attracting new investment capital. We believe that participants will come away inspired and better informed on the current state of the industry and the bright future ahead...READ  MORE.

05/10/2012
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Speakers Announced for LISA's 18th Annual Spring Life Settlement Conference 

Orlando, FL - The Life Insurance Settlement Association (LISA) is pleased to announce political analyst and journalist Michael Barone as a keynote speaker for LISA’s 18th Annual Life Settlement Conference. Widely regarded, Mr. Barone is one of our country’s great political minds. The conference will be held at The Westin Philadelphia, on May 21 through 23, 2012.

"We are honored to be joined by one of the most respected political analysts in the country. Michael Barone is at the forefront of American political coverage and someone who explores and analyzes political issues with an unmatched passion and clarity," said LISA's Executive Director Darwin Bayston. Mr. Barone will address conference attendees on May 22...READ MORE.

05/04/2012
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LISA Announces Agenda for Its 18th Annual Spring Life Settlement Conference 

Orlando, FL - The Life Insurance Settlement Association is proud to announce its 18th Annual Spring Conference, in Philadelphia, PA, from May 21 – 23, 2012, at The Westin Philadelphia. We invite you to join us and hear from leading industry experts as LISA hosts the largest, most educational, and most well-attended conference in the industry.

The LISA Spring Conference gets off to a great start with a complimentary workshop exploring the risks within Portfolios for investors combined with the implications of the Employment Retirement Income Security Act (ERISA) for fund managers on Monday, May 21. Members and non-members are invited...READ MORE.

04/23/2012
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Final Program Announced for Life Insurance Settlement Association's Institutional Investor Conference  

Orlando, FL - LISA has announced the final program and speakers for its second annual Institutional Investor Life Settlement Conference. "This program will address the issues, opportunities and challenges of attracting pension fund capital into the life settlement space," says Darwin Bayston, Executive Director of LISA. "Pensions sponsors have stringent regulatory and fiduciary requirements that the life settlement industry must address and resolve in order to attract pension capital," he says...READ MORE.

02/03/2012
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Life Insurance Settlement Association (LISA) Announces Speakers for Second Annual Institutional Investor Life Settlement Conference Set for February 22 in New York City 

Orlando, FL - LISA, the oldest and largest association serving the life settlement industry, announces its second annual Institutional Investor Life Settlement Conference, set for February 22, 2012, at the Harvard Club of New York City, 35 West 44th Street, New York, NY.

Last year's inaugural event was highly praised by investors and the life settlement industry for its ability to forge important new partnerships.

This second annual conference offers principals and sponsors who manage pension, endowment, and foundation funds an important forum for exchanging information and ideas with participants in the life settlement industry...READ MORE.

01/24/2012
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LISA Applauds Delaware Supreme Court Decision on Insurable Interest

Orlando, FL - LISA executive director Darwin Bayston today hailed the Delaware Supreme Court's decision affirming the property rights associated with life insurance and the core rule of insurable interest. In the rulings, PHL Variable Ins. Co. v. Price Dawe 2006 Insurance Trust, et al., C.A. No. 10-964 (Del. 2011) and Lincoln National Life Insurance Co. v. Joseph Schlanger 2006 Insurance Trust, et al., C.A. 09-506 (Del. 2011), the High Court held that an insured has a common law property right to purchase a policy on his own life and sell it for market value, provided, of course, that procurement of the policy is not part of a straw purchase pursuant to a prior agreement to resell to an investor.

The Delaware Court’s opinion was issued in response to certified questions it received from the Delaware federal court involving two cases where there were allegations that the policies were procured pursuant to an arrangement under which they "would be immediately transferred to an unrelated third party investor" and where the insured and his trust "were used as straw men to allow [that investor] ... to conceal a wager on [the insured's] life."  READ MORE

09/23/2011
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Fall Life Settlement Conference Speakers and Additional Topics Now Published

Orlando, FL - Today, the Life Insurance Settlement Association announced additional speakers for the 17th Annual Fall Life Settlement Conference to be held in Atlanta, GA on October 3-5, 2011.

"This is one conference you will not want to miss! The line-up of speakers is absolutely superb and the topics are crucial to the industry," says Darwin Bayston, LISA's Executive Director. "LISA's conferences are a tradition; this conference will focus on areas that lay a roadmap for the future. That is what makes our program unique from other conferences."  READ MORE

09/15/2011
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Life Insurance Settlement Association Reaffirms Support of Efforts by State Securities Regulators in Protecting Individuals Against Investment Scams

Orlando, FL - The Life Insurance Settlement Association (LISA) today reaffirms its long-standing support of the efforts of state securities regulators in calling for increased protection and enforcement against schemes that target individual investors. LISA is a long-time proponent of laws that allow policyholders the opportunity to receive the highest value possible for their life policies, and to protect consumers and investors in life settlements from scams by perpetrators of fraud. LISA strongly supports increased educational efforts by state and federal securities regulators as well as stronger enforcement actions against fraudulent activities.

"Tough economic times continue for many people, and it is all too easy for scam-artists to steal money from individuals through unscrupulous investment schemes and illegal practices," said Darwin Bayston, LISA Executive Director. "If we've learned anything over the past few years, there is a need for increased education among investors and stronger enforcement against those who would defraud people of their savings," he continued.  READ MORE

08/31/2011
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Keynote Speaker Announced for LISA's 17th Annual Fall Life Settlement Conference

Orlando, FL - The Life Insurance Settlement Association (LISA) announced today that Thomas J. Cunningham Ph.D., Vice President, Senior Economist, and Regional Executive from the Federal Reserve Bank is the keynote speaker of LISA's 17th Annual Fall Life Settlement Conference. The event will be held in Atlanta, GA on October 3-5, 2011.

"Dr. Cunningham's perspective on capital markets and economic environment is very important to our membership and conference attendees," says Darwin Bayston, LISA's Executive Director. Dr. Cunningham will present his remarks on October 5th.  READ MORE

08/26/2011
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Life Insurance Settlement Association Releases Fall Conference Program

Orlando, FL - The Life Insurance Settlement Association (LISA) has released the agenda for its 17th Annual Life Settlement Conference and announces its life settlement investor workshop. This year's event is taking place in Atlanta, GA on October 3-5, 2011 at the Ritz Carlton-Buckhead.

"We have raised the bar! If you think LISA's fall conference is only for life settlement brokers and providers, think again. This conference will cover topics of particular interest to investors looking to enter or increase their knowledge in this asset class," says Darwin Bayston, LISA's executive director. The event features timely conference sessions set to bring a new depth of knowledge to investors and life settlement professionals. Qualified institutional investors will receive one complimentary registration to attend this premier event.  READ MORE

08/05/2011
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The Life Insurance Settlement Association Elects New Officers

Orlando, FL - The Life Insurance Settlement Association (“LISA”) is proud to announce the election of a new slate of Officers to the Board of Directors. The new Officers, who were elected during a recent Board meeting, are:

- President – Nate Evans, Maple Life Financial, Inc.
- Vice President – John McCarroll, Q Capital Strategies, LLC
- Secretary – Mike Fasano, President, Fasano Associates
- Treasurer – Zohar Elhanani, Legacy Benefits, LLC

Each Officer will serve a term of one-year.  READ MORE

06/08/2011
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United States Senator Bob Casey Addresses Life Insurance Settlement Association at 17th Annual Spring Conference

Orlando, FL - The Life Insurance Settlement Association (LISA) recently completed its 17th Annual Spring Conference, held in Washington DC and was pleased to host United States Senator Bob Casey, Jr. (Pennsylvania) as a keynote speaker. LISA was host to more than 225 attendees, which included LISA members, investors in the secondary market and many other interested parties. Senator Casey spoke on several hot topic issues, including the federal budget and current international events.

In addressing conference participants, Senator Casey released a letter that he and US Senator Pat Toomey (Pennsylvania) recently delivered to United States Treasury Secretary Timothy Geithner raising concerns about the federal tax treatment for the sale and purchase of life insurance policies. The letter, portions of which were read to the audience by Senator Casey, criticizes two Internal Revenue Service rulings affecting the secondary market for life insurance.  READ MORE

05/17/2011
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LISA Members Elect New Board of Directors

Orlando, FL - At its 17th Annual Spring Life Settlement Conference, the members of the Life Insurance Settlement Association (LISA) elected five (5) members to its Board of Directors. The new Directors, who were elected during a members-only meeting, are:

- Adam Balinsky, President, Caldwell Funding
- Brian Casey, Partner, Locke, Lord, Bissell & Liddell, LLP
- Rob Haynie, President, Life Insurance Settlement, Inc.
- Jim Maxson, Partner, Morris, Manning & Martin, LLP
- Jon Mendelsohn, President & CEO, Ashar Group

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05/06/2011
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Life Settlement Association Hosts Conference to a Resurging Asset Class

Orlando, FL - Focusing on "the resurgence of the life settlement market," LISA's 17th Annual Spring Life Settlement Conference on May 4th - 6th in Washington, D.C. is set to bring a new depth of knowledge to investors while expanding the issues to other industry segments.

As the industry matures, capital markets are renewing their interest in life settlements. Indeed, the recent Institutional Investor Life Settlement Conference concluded its full day of sessions with an eye on a future ripe for increased demand suggesting that the rebound is already in progress. "We are at a tipping point in the market! Investors are waking up to a real opportunity," says Russel Dorsett, President of LISA. READ MORE

04/19/2011
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New York State Insurance Department Acts to Protect Consumers’ Ability to Access Secondary Market for Life Insurance

Orlando, FL - The Life Insurance Settlement Association (LISA) applauds a legal opinion issued by the New York Department of Insurance Office of General Counsel against John Hancock Life Insurance Company on February 25, 2011. The opinion requires the insurer to convert term insurance policies that will be sold in the secondary market. The letter states that John Hancock, “may not deny [the consumer’s] request to convert her convertible term policy on the basis that she intends to settle the converted policy.”

Hancock had improperly refused to convert a term policy to a permanent life policy asserting that the converted policy would be a “new policy” and insurable interest requirements would apply. In its letter, the Department concludes that Hancock may not deny the request, “because: 1) a conversion, to the extent that there is no increase in the death benefit, is a continuation of the policy being converted; 2) is not prohibited by [law] from converting the policy; and 3) the Legislature did not intend [the law] to limit otherwise legal conversions.”  READ MORE

03/15/2011
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Settlement Association: New Public Awareness Program Toward Fraud Prevention

Orlando, FL - The Life Insurance Settlement Association (LISA) announces the approval of a public awareness program for New York consumers who may be considering a sale of their life insurance policies. The New York State Insurance Department yesterday, approved LISA’s consumer awareness program in accordance with New York’s 2009 Life Settlement Act.

“We welcome the approval and very much appreciated the support the New York Insurance Department provided in developing our public awareness program,” said Darwin Bayston, Executive Director of LISA (www.thevoiceoftheindustry.com). “LISA worked with the Insurance Department to provide an efficient and cost-effective alternative for our members to comply with the requirements of the law. The program ensures that consumers will receive consistent information.” READ MORE

02/24/2011
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LISA to Host First Institutional Investor Life Settlement Conference

Orlando, FL - Recent buying activity affirms institutional investors' growing interest in making life settlements an important part of their investment portfolios.

To meet the increased demand of investors seeking to learn more about life settlements, the Life Insurance Settlement Association (LISA) will host its first conference on March 2 tailored to the needs of institutional investors. The conference will be held in New York at the Harvard Club.

"Life settlements provide a double benefit for institutional investors. They are uncorrelated to other assets and can provide attractive returns compared with fixed income alternative investments," Darwin Bayston, LISA's executive director explains. READ MORE

01/07/2011
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LISA Applauds New York Court of Appeals Decision on Insurable Interest

Orlando, FL - The Life Insurance Settlement Association praised today's decision regarding insurable interest by New York's highest court. "Consumers won a resounding victory today," said Doug Head, LISA Executive Director. "This decision emphatically affirms property rights and the vitality of the secondary market." LISA was pleased to submit an amicus brief to the court.

In Kramer v. Phoenix, the New York Court of Appeals was asked by the U.S. Second Circuit Court of Appeals to determine whether New York insurable interest law prohibits an insured from procuring a policy and "immediately transferring" it "if the insured did not ever intend to provide insurance protection for a person with an insurable interest in the insured's life." READ MORE

11/17/2010
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A.M. Best to Participate in Panel at the Life Insurance Settlement Association’s 16th Annual Fall Life Settlement Conference

Orlando, FL - Managing Director of Insurance-Linked Securities, Emmanuel Modu, at the A.M. Best Co., is a panel participant at Life Insurance Settlement Association’s 16th Annual Fall Life Settlement Conference being held from November 10-12 at the Eden Roc Renaissance Hotel in Miami Beach, Florida. The title of the panel is “The Changing Investor Landscape: From Death Bonds to Congress and Beyond” on Friday, November 12 at 9:45 a.m. READ MORE

11/04/2010
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Life Insurance Settlement Association Announces the Appointment of Executive Director

Orlando, FL - Today, Russel Dorsett, President of LISA's Board of Directors, announced that Darwin Bayston has been appointed Executive Director of the Life Insurance Settlement Association effective November 15, 2010. Bayston replaces Doug Head who has been Executive Director since 2001, and announced plans in July to retire by the end of the year.

Bayston has most recently been Director of Consulting for AVS Underwriting, LLC in Kennesaw, GA. Previous to that he was Managing Director of Life Settlement Consulting & Management, LLC. He also spent 13 years as a member of the staff of the CFA Institute, serving as President and CEO from 1990 to 1993. READ MORE

11/04/2010
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16th Annual LISA Life Settlement Fall Conference a Resource for Investors

Orlando, FL - Investors are renewing their interest in life settlement investments as vigor returns to capital markets following the deep recession of the last two years.

Indeed, recent press reports such as the announcement of the purchase of a multi-billion dollar life insurance portfolio by Fortress Investment Group suggest that the rebound is already in progress.

The 16th Annual Life Settlement Fall Conference in Miami on Nov. 10-12 will feature experts who will explain why investors should be in this enduring asset class and how they can ride this resurgence in the settlement market.
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10/29/2010
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The Life Insurance Settlement Association (LISA) Announced Today That Its Membership Is Again Growing

Orlando, FL - “For us, this comes as good news, since we have approved 15 new members in 2010 and 9 the last three months. Clearly people are returning to the market and this is even better news for consumers who have a desire to obtain market value for an existing policy in the settlement market”, said LISA Executive Director Doug Head. Today, LISA represents 132 life settlement companies. Since the financial market crash of 2008, investment interest had reduced market expansions and LISA membership had been reduced, but is now growing again.  READ MORE

09/23/2010
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Leading Life Settlement Association Concludes 4th Compliance Conference

Orlando, FL - Last week, the leading association for the life settlement industry successfully concluded its 4th compliance conference. The Life Insurance Settlement Association (LISA) convened its annual Compliance Conference in Atlanta, Georgia. The annual gathering is the only conference geared towards the life settlement industry's compliance professionals and featured the widely popular Legal Roundtable. This year's event was attended by more than 30 licensed companies.

"The Compliance Conference always offers attendees a tremendous amount of value as it addresses the most important compliance-related issues of the day," commented Doug Head, LISA Executive Director. "As the voice of the industry, it is our responsibility to make sure this type of dialogue is occurring within the industry." READ MORE

08/31/2010
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LISA Announces Search for New Executive Director

Orlando, FL - Russel Dorsett, President of the Life Settlement Association (LISA), announced a search for a new Executive Director to replace Doug Head, who recently announced his retirement as Executive Director as of year-end.

Said Dorsett: "With the significant industry challenges we face, we want to cast as wide a net as possible to ensure we hire the most suitable candidate. We would like to recruit someone who understands the legislative and regulatory process while at the same time has a good understanding of both the insurance and life settlement businesses, and an appreciation of the capital markets." READ MORE

08/09/2010
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Life Insurance Settlement Association Applauds GAO and SEC Studies Validating the Life Settlement Option for Consumers

Orlando, FL - Today the U.S. Government Accountability Office (GAO) and the U.S. Securities and Exchange Commission (SEC) both released large studies of the Life Settlement Industry, on which they had each worked for the last year, recognizing the growth of the life settlement market and, importantly, that life settlements are a valuable alternative to the lapse or surrender of a life insurance policy for American consumers.

The 120-page GAO report released today documents the emergence of the life settlement market, and the concomitant growth of regulation of the market. Most importantly, the GAO report provides conclusive evidence that American consumers benefit from the existence of a regulated life settlement market, documenting that life insurance policyowners received an average of 7 times more in a life settlement than if they had surrendered their policies back to the insurance company. READ MORE

07/22/2010
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Life Settlement Industry Opposes Stranger-Originated Annuities

Orlando, FL - The Life Insurance Settlement Association (LISA) explained today its opposition to Stranger-Originated Annuity Transactions (STATs). These are schemes in which strangers solicit and finance the purchase of certain variable annuities using individuals of very poor health as "straw man" applicants. The stranger then profits by collecting the annuity's guaranteed minimum death benefit when the individual dies.

"LISA adamantly opposes STAT schemes and believes that they should be banned because they harm life insurance consumers," said Doug Head, Executive Director of LISA, in announcing the organization's position and recommendations for legislative and regulatory action against STATs.
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05/05/2010
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D.C. Life Settlement Conference Concludes as Congressional Representatives Address Industry Professionals

Orlando, FL - On April 30, the leading industry association for the life settlement industry successfully concluded its 16th consecutive annual spring conference. The Life Insurance Settlement Association (LISA) convened their annual spring meeting in the nation’s capital, Washington, D.C. The bi-annual gathering is widely recognized as the longest running life settlement event in the industry. This year’s event drew the largest crowd of any major life settlement conference held to date. The 16th Annual Spring Life Settlement Conference brought together representatives from every industry segment as well as policy makers and members of the media. READ MORE

05/04/2010
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Rhode Island Senior Senator Jack Reed (D) to Address Life Settlements at Washington Spring Conference

Orlando, FL - Next week, the Life Insurance Settlement Association (LISA) welcomes senior senator from Rhode Island, Jack Reed, to deliver the keynote address at its 16th Annual Spring Life Settlement Conference in D.C. The senator’s appearance comes at a critical time in the young history of the life settlement industry. In recent months, the industry has experienced an unprecedented level of federal interest and inquiry. Responding to industry calls for a fresh perspective from inside the beltway, LISA secured Sen. Reed’s appearance on Thursday, April 29th. READ MORE

04/21/2010
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Poised for New Growth: April 28-30 -- LISA Convenes Largest Life Settlement Event of the Year

Orlando, FL - For the 16th consecutive year, the Life Insurance Settlement Association (LISA) will convene the largest gathering of secondary market professionals in the industry. On April 28-30 in Washington, D.C., the 16th Annual Spring Life Settlement Conference will set the agenda for an industry at a critical juncture. This important event will showcase a diverse cross-section of institutional investors, hedge fund managers, legal experts and other seasoned professionals with shared interests in the multi-billion dollar life settlement market. READ MORE

04/16/2010
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Appellate Court Affirms Life Insurance Settlement Association’s Challenge to FLOIR Rule

Orlando, FL - On April 9, 2010, the First District Court of Appeal in Tallahassee, Florida issued its opinion on the case of Office of Insurance Regulation (Florida) v. Life Insurance Settlement Association, Inc. Therein, the Court affirmed the Administrative Law Judge’s Finding that the Office of Insurance Regulation’s (OIR) rule, that would have required viatical insurance settlement providers to file voluminous and private financial and business information was an impermissible exercise of legislative authority and therefore invalid.

Specifically, Rule 690-204.030, and the Annual Report incorporated by reference in the rule, would require viatical settlement providers to disclose, in a publicly available form, detailed information regarding their nationwide, and international, business activities, as well as settlements not subject to Florida regulation. READ MORE

04/14/2010
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April 28-30: Life Settlement Professionals Gather in D.C. to Address Critical Federal Interest in Multi-Billion Dollar Industry

Orlando, FL - On April 28-30, the Life Insurance Settlement Association (LISA) will host its 16th Annual Spring Life Settlement Conference, a meeting of industry players, institutional investors, hedge fund managers and other professionals with shared interests in the multi-billion dollar life settlement market. Stakeholders agree that surging federal interest in life settlements may well be the single most important development to affect the industry since its inception. Appropriately, the Spring Conference convenes in the heart of our nation's power center and capital, Washington, D.C. READ MORE

03/23/2010
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International Life Settlement Trade Mission Concludes With an Eye on Future Growth

Orlando, FL - On February 26th, the 2010 Life Settlement Trade Mission concluded its successful four-day cross-country tour with an eye on a future ripe for considerable growth. Two of the industry's leading trade associations, the Life Insurance Settlement Association (LISA) and the European Life Settlement Association (ELSA) wrapped up a first-ever effort to unify international interest in this secondary market. Opening in London, with stops in Luxembourg and Zurich, the initiative is drawing high praise for the quality of discourse and presentation throughout its four days. The event showcased institutional interest in the secondary market for life insurance, a multi-billion dollar industry driven by the sale of existing life insurance policies. LISA defines this transaction thus: A Life Settlement is the sale of an existing life insurance policy to a third party for more than its cash surrender value but less than its net death benefit. READ MORE

03/02/2010
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Life Insurance Settlement Association Responds to Misleading ACLI Position on Life Settlements

Orlando, FL - Today, Russel Dorsett, President of the Life Insurance Settlement Association (LISA), released the following statement:

"On February 3, 2010, the American Council of Life Insurers (ACLI) published a recommendation that the securitization of life settlements 'be prohibited by legislation or regulation.' This is an extraordinary pronouncement from an industry that has consistently asserted that there is a legitimate place for life settlements in the market and that life settlements are a valuable financial tool for seniors. The recent ACLI position is not only an affront to the principal of free and open capital markets, but it cynically portrays them as a protector of consumers, when in fact, their objective is to deprive consumers of their right to receive a true market value from a financial asset: a life insurance policy which is no longer needed, wanted, or affordable; one for which they have paid good money, often for many years. READ MORE

02/05/2010
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ELSA Named Honorary Member of Life Insurance Settlement Association

Orlando, FL - The Life Insurance Settlement Association (LISA) has announced that the European Life Settlement Association (ELSA) has been named as an Honorary Member of the association, joining fellow European association BVZL as the second entity to receive the exclusive distinction. Speaking to the appointment, LISA Executive Director Doug Head explained, “this move further strengthens our relationship with ELSA. As the settlement market continues to grow and more capital flows from Europe, this relationship will be invaluable to both American and European interests.” READ MORE

01/19/2010
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Life Settlement Trade Mission Agenda Released

Orlando, FL - In anticipation of the first-ever cross continental life settlement trade mission, event coordinators have released a complete and detailed agenda for public access. The 2010 Life Settlement Trade Mission (February 23-26) is a mutual effort by the two leading trade groups for their respective continents: in North America, the Life Insurance Settlement Association (LISA) and in Europe, the European Life Settlement Association (ELSA). The stated objective of the Trade Mission is to establish "a new standard for accuracy of information and a realistic presentation of the challenges and opportunities in the life settlement marketplace." READ MORE

01/12/2010
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U.S. and European Life Settlement Associations Announce International Trade Mission

Orlando, FL - As interest in the life settlement industry climbs, two major trade groups unveil plans to host an international trade mission in Europe. In 2010, the Life Insurance Settlement Association (LISA) and the European Life Settlement Association (ELSA) will convene the first-ever trade mission for life settlement professionals. The 2010 Life Settlement Trade Mission is scheduled to run from February 23rd to the 26th. The four-day mission opens in London with an overnight stop in Luxembourg and concludes in Zurich. Despite the lingering effects of a global economic crisis, the life settlement industry is experiencing renewed interest among financial professionals and lawmakers. A Life Settlement is the sale of an existing life insurance policy to a third party for more than its cash surrender value but less than its net death benefit. The market is commonly understood to be less correlated to the fluctuations of financial markets and therefore, highly attractive in difficult economic times. READ MORE

12/01/2009
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Life Settlement Association Expands Membership Benefits to Qualifying Agents

Orlando, FL - In a significant expansion of membership benefits, the Life Insurance Settlement Association (LISA) today announced that qualified agents would now enjoy the full range of tools and resources available. In May, LISA launched Provisional Membership, a new category exclusively structured for independent agents and newly formed life settlement companies. The life settlement industry has seen a significant influx of small shops and independent agents seeking to break into the market. A Life Settlement is the sale of an existing life insurance policy to a third party for more than its cash surrender value but less than its net death benefit. The industry is currently experiencing a surge of interest within the financial sector, among state and federal policy makers and throughout the mainstream press. READ MORE

11/30/2009
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Positive Trends on Horizon for Life Settlement Industry — LISA Fall Life Settlement Conference Concludes

Orlando, FL - Despite a lingering economic malaise, the Life Insurance Settlement Association’s (LISA) 15th Annual Fall Life Settlement Conference received an enthusiastic and robust turnout for three days in New York City. On November 10th, institutional and securities investors, hedge fund managers, regulators and others brought the industry’s longest running major life settlement conference to a successful conclusion. The diversity and depth of the fall 2009 crowd proved that a once-considered “niche market” is undoubtedly entering the mainstream U.S. financial markets. A Life Settlement is the sale of an existing life insurance policy to a third party for more than its cash surrender value but less than its net death benefit. In recent years the industry has grown exponentially and received equal attention among major media outlets and U.S. policy makers. READ MORE

11/12/2009
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Life Settlement Political Action Committee Opens 2009 Campaign Drive in NYC

Orlando, FL - On November 8-10 in New York City, the Life Insurance Settlement Association’s (LISA) non-partisan federal political action committee, LISAPAC, will launch its 2010 campaign drive to preserve and protect the life settlement industry. As 2009 winds down, LISAPAC is aggressively gearing up for a new political year with tremendous possibilities as well as potential threats. In a matter of days, at the LISA 15th Annual Fall Life Settlement Conference, the PAC will remind life settlement professionals about its critical mission.

“On a federal level, 2009 will prove to be decisive year in the future of life settlements,” remarked Mark Goode, LISAPAC Chairman. “In the midst of substantial and unprecedented federal interest in this market and the emergence of Wall Street participation in life settlements, the work of the PAC has never been more urgent and its important service to our market is clear.” LISAPAC’s presence at the LISA 15th Annual Life Settlement Fall Conference comes in the wake of multiple significant developments coming out of Washington, D.C. READ MORE

11/04/2009
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Life Settlement Association Proudly Names Todd Associates, Inc. as Organization’s Endorsed Insurance Broker

Orlando, FL - In the spring of 2008, the Life Insurance Settlement Association (LISA) launched a search among its members for an insurance broker to officially endorse. A call for submissions went out to all qualifying LISA members. Proposals were received by the Association and submitted to the LISA Board of Directors for consideration. With due consideration to all proposals, the LISA Board determined that Todd Associates Inc. would receive the honor. READ MORE

11/02/2009
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Life Settlement Conference Opens Controversial Issues for Close Examination in New York City

Orlando, FL - Open, unvarnished dialogue is the order of the day at the 15th Annual Fall Life Settlement Conference in New York City next month. The Life Insurance Settlement Association (LISA), as it has for a decade and a half, will convene a frank discussion on issues which have sent shockwaves through the life settlement industry. “We are the Voice of the Industry. Our fall conference will facilitate an honest and free exchange of ideas on the most pressing issues in this industry,” declared LISA Executive Director Doug Head. Among the issues at the center of LISA’s fall conference is the reliability of life expectancy data as well as the onslaught of public interest, informational investigations of industry practice, and industry press coverage in recent months. READ MORE

11/02/2009
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Doug Head: Letter to The Gainesville Sun in Response to Commissioner McCarty

Orlando, FL - Florida’s Insurance Commissioner, Kevin McCarty, writing in the Sun, revealed that some insurance regulators cannot differentiate between a legitimate life settlement – the lawful sale of an existing life insurance policy to a third party for value – from the fraudulent purchase of new insurance, sold by a life insurance company’s own agent, known as Stranger-Originated Life Insurance (STOLI).

It is disturbing to think that an insurance commissioner cannot distinguish between a fraudulent insurance sale and a lawful secondary market sale.

Life settlements are a policyowner’s sale of an unwanted, unneeded, or unaffordable life insurance policy that has been in force for at least two years. Typically the insured under the policy is age 60 or over. Life settlements pay these policyowners an average of 300-500 percent more than they would get by merely cash surrendering their policy back to the carrier. The sale of a life insurance policy is a property right, protected by the laws of Florida and the United States. Life settlements are regulated in Florida as well as in 36 other states.  READ MORE

10/22/2009
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LISA Responds to ABC Report on the Life Settlement Market

Orlando, FL - Yesterday, World News Tonight (ABC) considered Life Settlements. Producers of the program found a physician consumer, Dr. Eddy Powell, who had happily sold his life insurance policy for far more than the value which the life insurer would have offered him at the time. Dr. Powell sold the policy for a value which required the buyer to pay the premiums for the rest of Dr. Powell’s (presumably long) life. In the ABC piece, Dr. Powell expressed regret for having sold the policy because, though the sale afforded him the ability to pay off his debts, he was no longer the owner of the policy. According to some experts, Dr. Powell appeared to have forgotten that, before considering the life settlement option, he faced two unsavory choices: sell his policy to the insurer for pennies on the dollar or allow it to lapse for a complete loss. The Life Insurance Settlement Association (LISA) encourages people who can hang onto their policies to do so, but for those who would otherwise lapse or surrender their policies, the settlement option should be considered wherever possible. The public needs to know that they have choices and that a life settlement is one of them.  READ MORE

 

10/06/2009
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Life Insurance Settlement Association Delivers House Testimony on Industry’s Value to Consumers and Dismisses the Media’s Sensationalist Take on the Industry

Washington D.C. - Yesterday on Capitol Hill, Russel Dorsett, President of the Life Insurance Settlement Association (LISA) testified before Congress on the benefits of life settlements to American consumers. In testimony to the House Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, Mr. Dorsett reported that American consumers have benefited greatly from the life settlement market and have received nearly $10 billion over the past decade, “making it possible for them to afford retirement, medical care, or simply to enjoy the lifestyle they have earned,” said Dorsett, continuing: “The average settlement pays policy owners 4 to 6 times the policy’s cash value.” READ MORE


 

09/25/2009
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Life Insurance Settlement Association Responds to New York Times Article

The Life Insurance Settlement Association (LISA) has sent a letter-to-the-editor of The New York Times in response to its September 5 story, "Wall Street Pursues Profit in Bundles of Life Insurance."

Dear Editor,

Under an initial headline of "New Exotic Investments" (9/5), the New York Times printed a large format piece on investment in life insurance policies. By the tone of the piece, one might have thought that Wall Street created the secondary market for life insurance; clearly not the case. Owners of life insurance have long enjoyed the ability of treating their life insurance policies like any other "ordinary property." In 1911, the landmark case Grigsby vs. Russell, secured a policy owner's right to sell or otherwise assign the rights to their policy as they deem fit. Indeed, as far back as 1855 New York's highest court held that policy owners enjoy the property rights in life insurance and, as such can "go to the best market he can find, either to sell it or borrow money on it." READ MORE

 

09/14/2009
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