This is interesting news, and I am sure we will have a more detailed breakdown in the exact legislation once everything is complete, here is the press release:

The California Senate Banking and Insurance Committee approved legislation yesterday that would regulate the life settlements market in the state for the first time.

The committee voted 10-0 to support SB 98 following a public hearing on the proposal. The bill is based on the model act developed by the National Conference of Insurance Legislators (NCOIL), which includes provisions meant to prevent stranger-originated life insurance and a two-year waiting period before new policies could be sold.

Similar legislation was vetoed last year by Gov. Arnold Schwarzenegger.

A key opponent of last year’s settlement legislation was Pacifica Group, an Irvine, Calif.-based premium finance company. Pacific Group threw its support behind this year’s legislation after it was amended with a provision that would ban insurers from denying life insurance applications solely because the applicant planned to use premium financing.

Much of the rest of the life settlement and life insurance industries also backed the legislation. There were several opponents, however, including the California Life Insurance Settlement Association (CALSA), ING, and Roycroft Funding, a Long Beach, Calif.-based settlement company.

California now follows the other big states with some type of legislation including Florida and Texas.

You can also visit Life Settlement License for more information.

2nd Webinar Scheduled & License Matrix Support

Brief Overview of the License Matrix
The License Matrix is a seamless online compliance tool developed specifically with our compliance members in mind.  The tool allows members to upload, store and track an unlimited amount of licenses directly to the Matrix within the LISA member website.  The Matrix allows users to set “expiration email alerts” for each active license.  The Matrix serves not only as a kind of “storage unit” for active licenses but also as an archive for expired licenses.

Online registration is here:
https://www1.gotomeeting.com/register/630237016

Questions regarding this second webinar may be directed to Daniel Armendariz: daniel@lisassociation.org.

LISA is a Florida Life Settlement Association…

Life Settlement Review asked its readers to nominate candidates who they felt deserved this prestigious honor. Doug Head, executive director of the Life Insurance Settlement Association (LISA), requested that his name be omitted from consideration due to his position as publisher of Life Settlement Review. The publication did not attempt to rank each member of the group in regards to their level of influence. It aimed instead to highlight these individuals so that our readers can learn more about the people who are widely recognized as leaders by their peers.

Here is the complete list in alphabetical order by last name:

Alan Buerger, CEO, Coventry, Fort Washington, Pa.
Brian Casey, Partner, Locke Lord Bissell & Liddell LLP, Atlanta, Ga.
Mike Fasano, CEO, Fasano Associates, Washington, D.C.
Bryan Freeman, President and Managing Member, Habersham Funding, LLC,  Atlanta, Ga.
Kurt Gearhart, President, Institutional Life Markets Association, Washington, D.C.
Rob Haynie, Managing Partner, Life Insurance Settlements Inc., Fort Lauderdale, Fla.
Jack Kettler, CEO, 21st Services LLC, Minneapolis, Minn.
Scott Kirby, Co-President, Advanced Settlements, Inc., Orlando, Fla.
Thomas Lamount, Chairman, BVZL, Munich, Germany
Brian Pardo, CEO, Life Partners Holdings, Inc., Waco, Tex.