Browsed by
Tag: “viatical investments”

Claims Against Viatical Company Dismissed, Claim against Agent Survives In Lawsuit Over Deal Where – 20 Years After $20,000 Investment – Viators Are Still Alive

Claims Against Viatical Company Dismissed, Claim against Agent Survives In Lawsuit Over Deal Where – 20 Years After $20,000 Investment – Viators Are Still Alive

And, as if on cue given the U.S. News & World Report story (here) about how investors run a serious risk if an insured lives longer than expected, a federal court in New York issues a ruling in a lawsuit involving a 1998 viatical investment. “Nearly twenty years later, the viators are still alive, and plaintiff is without any return on his investment,” said the court in Amberger v. Legacy Capital Corp., 17 Civ. 532(NRB), 2017 U.S. Dist. LEXIS 171816…

Read More Read More

Illinois Expands Regulation of Viatical Settlements; Defines Viatical Investment as a Security Under State Law

Illinois Expands Regulation of Viatical Settlements; Defines Viatical Investment as a Security Under State Law

Illinois enacted life settlement legislation last week, restricting stranger-originated life insurance (STOLI) in Illinois. Among other restrictions and requirements, the Illinois legislation requires life settlement or viatical brokers to complete a training course to ensure compliance with the new law.  According to the official synopsis, the new law, effective July 1, 2010, accomplishes, inter alia, the following: Provides for the regulation of viatical settlement providers, brokers, and life insurance producers acting as brokers who enter into viatical settlements. Provides that all viatical settlement…

Read More Read More