Life Settlement License

More and more states are now displaying which companies and firms can purchase life settlements in their states.

Life Settlement Regulation and license requirements have grown in the past few years, and certain states are strict on who can purchase policies in their state.

Florida is a strict state and currently only has 14 firms that are licensed to purchase. *Remember this isn’t including brokers, but providers (aka funders) who are the ones actually purchasing the policy.

The list can be found on the Florida Office of Insurance Regulation:
wwww.floir.com/sp/Viaticals/LicensedViaticalSettlementProviders.aspx (Simply copy and paste into your browser)

We recommend seniors and financial professional understand who they are allowed to do business with in the state of Florida.

Interesting requirement…

Interesting New York Life Settlement Licensing Update

It is ins’t a huge deal, but most resident states require fingerprinting for background check, and if this is required for non-residents it could be somewhat of a hassle.

We will follow updates…

Berkshire Settlements, Inc. is pleased to announce it has obtained life settlement provider licenses from Arkansas, Maine, and Mississippi — three states the company has identified as being largely underserved by the life settlement industry. “We are very happy to bring the opportunities offered by life settlements to these markets,” stated CEO John Dallas. Having already expanded to Tennessee earlier in 2009, Berkshire hopes to add licenses from Indiana and Louisiana before the end of the fourth quarter.

Primarily offering on small face policies, the company is reporting that its policy intake is steadily increasing and offers are continuing to be made. “We are satisfied with our rate of growth during 2009. Whereas other providers and brokers have been easing back or closing up shop, Berkshire has been able to consolidate its position while extending its reach to new and underperforming areas,” said Dallas.

Source: Press