SOURCE: Life Insurance Settlement Association

Life Insurance Settlement Association

November 04, 2009 10:36 ET

Life Settlement Political Action Committee Opens 2009 Campaign Drive in NYC

LISAPAC Celebrates 10th Anniversary of Life Settlement Industry

ORLANDO, FL--(Marketwire - November 4, 2009) - On November 8-10 in New York City, the Life Insurance Settlement Association's (LISA) non-partisan federal political action committee, LISAPAC, will launch its 2010 campaign drive to preserve and protect the life settlement industry. As 2009 winds down, LISAPAC is aggressively gearing up for a new political year with tremendous possibilities as well as potential threats. In a matter of days, at the LISA 15th Annual Fall Life Settlement Conference, the PAC will remind life settlement professionals about its critical mission.

"On a federal level, 2009 will prove to be decisive year in the future of life settlements," remarked Mark Goode, LISAPAC Chairman. "In the midst of substantial and unprecedented federal interest in this market and the emergence of Wall Street participation in life settlements, the work of the PAC has never been more urgent and its important service to our market is clear." LISAPAC's presence at the LISA 15th Annual Life Settlement Fall Conference comes in the wake of multiple significant developments coming out of Washington, D.C. In September, Congressman Paul E. Kanjorski (D - PA), Chairman of the U.S. House Sub-Committee on Capital Markets, Insurance, and Government Sponsored Enterprises, convened a hearing on life settlement securitization. In August, U.S. Securities and Exchange Commission (SEC) Chairman Mary L. Schapiro launched a special internal taskforce to review the subject of securitization in the settlement industry. The U.S. Governmental Accountability Office (U.S. GAO) is seeking a better understanding of life settlements as they develop a forthcoming report on the secondary market. Most recently, the North American Securities Administrators Association (NASAA) announced the formation of a task force to consider the issue of life settlement investment.

"The considerable action in Washington on this issue should serve as a wake-up call to all who seek to preserve the settlement option for consumers. Ours is a vital service to seniors that, despite exponential success in recent years, demands significant explaining to Washington legislators," explained Doug Head, LISAPAC Treasurer and LISA Executive Director. "Our job is to ensure that policy makers get it. They are facing some critical questions with regards to federal treatment of settlements in the scope of larger insurance legislation. Consumer property rights must be preserved in a time of expanded regulation."

During its inaugural fundraising campaign LISAPAC raised nearly $100,000 from more than 70 industry leaders. LISAPAC's presence at LISA's 15th Annual Fall Conference will serves as a major indication that it is driving for a substantial increase in participation by the life settlement community. "The stakes are simply too high and we must work together to achieve 100% industry participation for LISAPAC," commented Mark Goode. "One cannot overstate the gravity of the challenges we face on not only the legislative front but also from a public relations perspective. By now, it must be clear to all that media outlets drive the public discourse and, by extension, the debate among policy makers. LISAPAC serves a vital role in clarifying and, where necessary, correcting the direction of this discourse. In this regard, LISAPAC is an important force for good in promoting public policy that protects the interest of senior insured consumers, as well as protecting our marketplace."

To learn more about LISAPAC, please call the LISA office at 407-894-3797 and ask for the LISAPAC Administrator.

10TH ANNIVERSARY OF LIFE SETTLEMENT INDUSTRY

LISAPAC's campaign comes at another significant moment in life settlement history -- 2009 marks the 10th anniversary of the industry. At the 1999 September meeting of the National Association of Insurance Commissioners (NAIC) convened in Orlando, Florida, representatives from a settlement firm announced that they were actively purchasing policies from seniors who were not terminally ill. This was the first public acknowledgment of such transactions. Having evolved out of the viatical settlement industry, life settlements represented a quantum leap in the ability of an insurance policy owner to extract, while living, hitherto unrealized cash value. Since then, thousands have benefited from this unique financial opportunity.

About LISAPAC

LISAPAC, a qualified multi-candidate committee is the federal bipartisan political action committee of the Life Insurance Settlement Association. The purpose of LISAPAC is to use raised funds in support of United States Senate and House of Representatives candidates who endeavor to promote consumer rights which will lead toward a strong and competitive market for the life settlement industry by advancing the legislative and regulatory interests of the members of LISA. Any U.S. citizen or green card holder can contribute to LISAPAC. Contributions must be voluntary. Contributions are not tax deductible for federal income tax purposes. LISAPAC cannot and does not accept corporate contributions. LISAPAC is administered by its Board LISA's Political Committee. LISAPAC's Political Committee is comprised of LISA's President, the Chairman of the Political / Legislative Committee and the LISA Executive Director. LISAPAC is fully compliant with all FEC and IRS Rules and Regulations.

About LISA

Established in 1994, the Life Insurance Settlement Association is the oldest and largest trade organization in the industry. Its goal is to promote the development, integrity, and reputation of the life settlement industry, and to promote a competitive market for the people it serves. LISA now represents over 140 members with a wide variety of interests in the industry. For more about the association, visit www.thevoiceoftheindustry.com.

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