NCOIL (The National Coalition of Insurance Legislators) Adopts New Model Law Governing the Life Settlement and Viatical Industry

State Senator Steve Geller of Hollywood, Florida Authored Many of the Changes for This Model Law

Ft. Lauderdale, FL -- Mutual Benefits Corporation (MBC), the largest life settlement and viatical company in the U.S., is pleased to report that at NCOIL annual meeting in New Orleans on 11/16/00, the revised model law governing the life settlement and viatical industry was adopted. It will be available for review and national distribution by early 2001. This new model law incorporates the consumer protection provisions that a large majority of state departments of Insurance have been considering, and in many ways, is similar to Florida's recently updated life settlement and viatical law. State Senator Steve Geller of Hollywood, Florida is the Chairman of the Viatical Settlement sub-committee for NCOIL. He authored many of the changes to the Florida law, which have been adopted by NCOIL. According to Senator Geller, "The issue of viatical and life settlements are hot topics in the insurance field right now. Today, the bulk of these transactions are not viatical (terminally ill) settlements, they are life settlements. The majority of the dollars are now in life settlements." He adds, "Instead of viewing this business as the viatical industry that has life settlements as a faction, it should now be perceived as the life settlement industry, which has a division conducting viatical transactions."

According to spokesperson and Vice President of MBC, Steven Steiner, "the NCOIL bill is an important step in regulating all life settlement transactions including viaticals. We believe that this entire industry should be regulated to better protect both the policy sellers and the individuals and institutions that purchase them. . . We favor comprehensive and clear laws and regulations to instill consumer confidence, to help rid companies and individuals in this industry who are committing fraud, and, just as important, to help gives this industry longevity and integrity."
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MBC is the largest viatical and life settlement company in the country and is licensed in more states that any other viatical company that funds policies through individual purchasers. Mutual Benefits Corp. which was incorporated in Ft. Lauderdale, Florida, has viaticated more than 12,000 policies and has worked with over 19,000 purchasers. Since its inception, it has always been the utmost importance to the staff at MBC to protect both the policy seller and purchasers by funding only noncontestible policies from insurance companies rated B+ or better by A.M. Best.

If you would like to interview Steven Steiner, would like to receive the full text of the NCOIL model law, or if you require any further information, please contact Kim Morgan at Mutual Benefits Corporation, (954) 525-8885 or at 1-800-896-7990 Fax: (954) 525-8664, e-mail: embc@mutualbenmail.com

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