Life Settlement Timeline
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Life Settlement Timeline
1911
Grigsby vs. Russell l Court Case l Declared a Life Insurance Policy as an asset l Assignable for value
1980
AIDS Epidemic l Viatical Settlements emerged l Sale of a Life policy whose insured is terminally ill
1993
Living Benefits Model Act l Adopted l NAIC (National Association of Insurance Commissioner)
1994
The Viatical Association of America (VAA) l Non-profit l Viatical Industry
1998
Model Act from 1993 l Amended
2000
Life Settlement Model Act adopted by the NCOIL (National Conference of Insurance Legislators)
2000
VAA changed its name l Viatical and Life Settlement Association of America (VLSAA)
2000
NAIC Model Act l Amended l the addition of fraud, advertising & disclosures sections
2005
25 States regulated Life Settlements
2005
VLSAA changed its name to LISA l Life Insurance Settlement Association
2006
Life Settlement Awareness Month l June 2006 l Promote greater Industry awareness
2007
35 states adopted NAIC Model Act
2007
NAIC passed revision to the Viatical Settlement Model Act l Strengthened consumer protection l STOLI
2007
Life Settlements Model Act l Adopted a revision l Banned STOIL l Outlined Provider & Broker Licensing
2007
US Supreme Court declined the hearing of a case that challenged a state’s rights to regulate Settlement
2008
NCOIL reported the following states introduced legislation regulating & restricting Life Settlement & STOLI: AZ, CT, HI, IN, KS,KY, ME,NE, OH, OK, WV
2009
Financial Crises l Life Settlement decreased
2010
Insurance Consumer Disclosure Model Act l Adopted by NCOIL l Insurers provide notice to insured’s 60 and over if known to be terminally ill, request to surrender policy, request accelerated death benefit, or if lapsing – that Life Settlement is an option
2011
LISA Education & Awareness to consumers
2012
Life Settlements begin to bounce back
2013
Life Settlement bouncing back l AARP Life Settlement Update – Internal Rate of Return (IRR) for life Settlement were in the high teens – attractive return compared to other rates of return being so minimal.
2014
Life Settlement – Steady Recovery from financial fall-out of 2009-2010