If You're Selling Life Settlement Check Your DOI

Crabcake Johnny

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Maryland
In doing some research I'm finding a few insurance departments are now requiring that producers obtain a license. Here's one example in NH:

http://www.nh.gov/insurance/media/bulletins/2010/documents/ins_10-034-ab.pdf

"The effective date of the Life Settlements Act is June 14, 2010. For compliance with section RSA 408-D:19 of the Act, and in order for the Life Settlement Provider or Life Settlement Producer to continue to engage in life settlement transactions after June 14, 2010, the applications must be filed in the New Hampshire Insurance Department no later than JULY 14, 2010."

If you're like me, you rarely check your DOI website for updated bulletins but if you're selling life settlements you should check recent bulletins for your state.
 
In doing some research I'm finding a few insurance departments are now requiring that producers obtain a license. Here's one example in NH:

http://www.nh.gov/insurance/media/bulletins/2010/documents/ins_10-034-ab.pdf

"The effective date of the Life Settlements Act is June 14, 2010. For compliance with section RSA 408-D:19 of the Act, and in order for the Life Settlement Provider or Life Settlement Producer to continue to engage in life settlement transactions after June 14, 2010, the applications must be filed in the New Hampshire Insurance Department no later than JULY 14, 2010."

If you're like me, you rarely check your DOI website for updated bulletins but if you're selling life settlements you should check recent bulletins for your state.


I know many states have been collecting email addresses and you can sign up for updates from the DOI....I know I've been offered this option from some of the Non-Res States I'm not renewing.
 
A few states? I think most of the regulated ones require licensing or registration for life settlement or viatical transactions. There was an interesting thread about the Minnesota law and other newly regulated states on the life settlement forum; Life Settlement Forum
 
Every state has vastly different laws in regards to producers and life settlements. There are currently 12 states that require a producer to obtain a life settlement brokers license. Whichever life settlement broker/provider you are working with should have a compliance person that can answer your questions and help with these issues, once you have a viable life settlement case.
 
I tried doing life Settlements, but they were just too picky on what they would take.

It's a buyers market. Agents usually get frustrated at the parameters around a life settlement, but do not usually think about it from an investors point of view. They are picky because they do not want to lose money on a file.

The sweet spot for the market is the following:

Face Size: 250,000-3,000,000
LE: 120 months or less
P/F: 7% or less
No premium financing.

If you have a case that fits that box, it will sell.
 
It's a buyers market. Agents usually get frustrated at the parameters around a life settlement, but do not usually think about it from an investors point of view. They are picky because they do not want to lose money on a file.

The sweet spot for the market is the following:

Face Size: 250,000-3,000,000
LE: 120 months or less
P/F: 7% or less
No premium financing.

If you have a case that fits that box, it will sell.

When they come back with unrealistic LE's, most cases get thrown out the window. Nothing better than having the settlement companies call your clients for phone interviews when they had no chance of ever getting an offer in the first place. :no:
 
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