Maple Life Hired to Sell Former Ritchie Portfolio
May 31, 2008 – 10:35 amMaple Life Financial and its servicing arm, MLF LexServ, were retained to help sell off a major…
Centurion’s Argent Fund Launches on the Euro MTF
May 31, 2008 – 10:35 amCenturion Fund Managers, a financial services group in Buenos Aires, Argentina, said it recently lis…
Credit Crunch Dampens Demand For Policies
May 31, 2008 – 10:35 amLife settlement brokers and providers say that funding has tightened for the purchase of insurance p…
Trust Interest Purchases Under Attack
May 31, 2008 – 10:35 amOver the last decade, the life settlement market has dramatically expanded due, in part, to the grow…
Ohio Demands Provider Information On Short Notice
May 31, 2008 – 10:35 amWith only three days notice, life settlement providers who do business in Ohio have complied with th…
News In Brief
May 31, 2008 – 10:35 amHome Buyers Selling Policies to Fund Down Payments Oklahoma, Connecticut Legislatures Pass NCOIL Bi…
Ohio Settlement Law Stands for Consumer Rights: State Legislature Protects Property Rights While Addressing STOLI
May 31, 2008 – 10:32 amORLANDO, FL — 05/30/08 — The Life Insurance Settlement Association (LISA) today applauds the Ohio General Assembly for passing a comprehensive new Life Settlement Law that protects the property rights of life insurance policy owners while enacting new measures to detect, prevent, and enforce against stranger-originated life insurance (STOLI).
“Ohio lawmakers had been pressed by big insurance to take away consumer rights and impair their ability to access the secondary market for life insurance,” said Doug Head, Executive Director of LISA. The insurers’ rejected proposal would have restricted a consumer’s right to sell his/her policy in a competitive market and driven life settlement companies from operating in the state. “But,” Mr. Head continued, “Ohio legislators resisted the pressure and developed legislation better targeted to attack the described abuses, while striving to avoid the wholesale revocation of long-standing consumer rights.”
While several issues remain, including some lingering concerns over the wording of the restrictions on selling premium financed policies, LISA will work with the Department of Insurance and the legislature to ensure that the interest of consumers in the implementation of this legislation are met and that the secondary market in Ohio is as vibrant as it has been to date.
The legislation, which passed after extensive hearings in the Senate led by Insurance Chair Steven Stivers, recognized, as Insurance Director Mary Jo Hudson said, the ’shared responsibility’ of insurance companies to address abuse of consumers. Mr. Head explained: “While big insurance focused on scaring the public and lawmakers with vague descriptions of STOLI abuses, the Ohio legislature sensibly rejected a broad five-year ban on Ohio consumers’ right to sell their policies in a competitive market. Legislators insisted that such restrictions should narrowly apply only where a policy holder failed to disclose to insurers certain premium finance and trust arrangements at policy origination or during the historically standard contestable period.”
“Ohio joins the growing number of states that have rejected the ill-conceived five-year ban advocated by big insurance and some regulators,” concluded Mr. Head.
The bill recognizes that STOLI occurs at the inception of a policy and the primary role that carriers have in stamping out the STOLI during underwriting, by requiring plans for identifying STOLI, improved detection measures at application, requiring annual reports on STOLI and required reporting of STOLI activities to regulators.
Established in 1994, the Life Insurance Settlement Association is the oldest and largest trade organization in the industry. Its goal is to promote the development, integrity, and reputation of the life settlement industry, and to promote a competitive market for the people it serves. LISA now represents 179 members with a wide variety of interests in the industry. For more about the Association, visit www.lisassociation.org.
Contact:
Doug Head
LISA Executive Director
PH: 407-894-3797
Email Contact
Source: http://www.earthtimes.org/articles/show/ohio-settlement-law-stands-for,414264.shtml
Rural Landscape Insuring Success of Indian Insurance Sector - PR.com (press release)
May 31, 2008 – 3:13 am|
Rural Landscape Insuring Success of Indian Insurance Sector
PR.com (press release), NY - The report also says that India has shown huge growth opportunities for the life insurance industry due to fast growing economy and huge middle-class … |
Do Homemakers Need Life Insurance? - Economic Times
May 31, 2008 – 2:08 am|
Do Homemakers Need Life Insurance?
Economic Times, India - Anju Grewal, a housewife in her mid-30 s, agreed to buy life insurance after being chased by her cousin. Though she gave in to social obligations, … |
State Insurance Department Fines Two Insurers - Hartford Courant
May 30, 2008 – 9:47 pm|
State Insurance Department Fines Two Insurers
Hartford Courant, United States - By DIANE LEVICK | Courant Staff Writer The Connecticut Department of Insurance has fined Lincoln National Life Insurance Co. 500 and Employers Mutual … |