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NEWS RELEASES
2004
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2004
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LIFE SETTLEMENT SOLUTIONS RECEIVES LICENSING IN FLORIDA
Contact: Mary Correia-Moreno,
Nuffer, Smith, Tucker Public Relations, 619/296–0605
SAN DIEGO – March 18, 2005 – According to experts in life settlements, it is estimated that nearly 85 percent of life settlement transactions take place in Arizona, California, and in Florida one of the states with the most stringent licensing standards and the most rigorous application and examination procedures in the country.
Life Settlement Solutions Inc., which is currently authorized to do business in most U.S. states, including Arizona and California, today announced it has been approved for licensure in the State of Florida. Following an exhaustive application and examination process, the Florida Office of Insurance Regulation, by order of the Commissioner of Insurance, has determined that "After a complete review of the entire record ... Life Settlement Solutions has applied for and ... met all of the conditions precedent to the granting of a license to act as a viatical settlement provider in Florida."
"Receiving this licensing to do business within the state of Florida is a hallmark of certification for Life Settlement Solutions," said Larry Simon, president and founder, Life Settlement Solutions Inc., "Our dedication to strict compliance and a consistently positive track record has been critical in obtaining a license in Florida, which holds some of the highest licensing standards of any state."
To receive licensing in the state of Florida, companies must submit a sworn application, detailed plan of operation, anti-fraud plan, evidence of financial security, proposed contract and disclosure forms, and extensive background information regarding both the entity applying for licensure and all of its shareholders, officers, directors and key personnel. The Florida Office of Insurance Regulations reviews and carefully analyzes this information, as well as such other information as the Office deems necessary to determine that the company and its management personnel are competent and trustworthy and can lawfully and successfully act as a settlement provider. As part of the application process, the Office completes an independent investigation, and conducts a thorough examination of all settlement transactions, accounting practices, and business activities of the company. Pursuant to Florida law, the Office may issue a license if it finds the applicant to be “competent and trustworthy and intends to act in good faith” and that it “has a good business reputation and has had experience, training, or education that qualifies the applicant to conduct the business authorized by the license.”
"The Florida licensing is a mark of great things to come from Life Settlement Solutions in 2005," said Simon. "Last year we exceeded our expectations by leaps and bounds; adding to our success was the AA+ excellent quality rating from the German Scope agency. We pride our company on our unwavering commitment to the strongest compliance standards of any life settlement company in the industry."
For information about Life Settlement Solutions and other states in which it is eligible to business, call 858/576–8067 or visit www.lss-corp.com
Life Settlement Solutions Inc., is a life settlement provider, offering owners of qualifying life insurance policies the opportunity to convert their life insurance policies into cash. A pioneer in the non–viatical life settlement field, Life Settlement Solutions and its management represent one of the largest and most experienced institutionally funded life settlement companies in the market. Life Settlement Solutions and its management have purchased life insurance policies with approximately $1 billion aggregate face–value to date.
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