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Live Webinar

90-minute live streaming program
  • June 30
  • 1:00 - 2:30 pm EST

Also available as:

OnDemand Webinar

Legal and Regulatory Status of the Life Settlements Industry

June 30

Properly advise your clients with an understanding of the life insurance industry and federal legislation.

This topic will provide you with a window into a little understood and sometimes controversial asset class which begins with the simple concept of the sale of a life insurance policy but which is overlaid with myriad complex state and federal legislation, rapidly developing case law and a constantly expanding market – domestic and international. You will be able to help your clients navigate through the treacherous waters swirling around in the industry, complete due diligence on the acquisition of a life insurance policy, and negotiate sale documents and other documents commonly used in the industry to close single and multiple policy sale transactions

Learning Objectives

  • You will be able to recognize what the life settlements alternative investment asset class is and how this market works.
  • You will be able to review the myriad laws that can apply to the secondary life insurance market.
  • You will be able to discuss the history revolving around the sale of life insurance policies to investors and how the industry may evolve.
  • You will be able to identify the risks attendant to investments in the secondary life insurance market.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Is a Life Settlement and Why Would Someone Sell a Life Insurance Policy?
  • History of Life Settlements, Starting With the First Cases Grigsby and Then AIDS Crisis
  • How the Life Settlement Market Works Today; Secondary and Tertiary Transactions
  • Amount of Sale Yields More Than the Cash Surrender Value
  • Purchase and Sale Agreements, Origination Agreements, Life Settlement Providers, Life Settlement Brokers, Escrow Agents, Securities Intermediaries, Tracking and Policy Servicing Agreements
  • Retained Death Benefit Transactions
  • Long Term Care Legislation
  • International Life Settlements – Canada/Europe – U.S. Insureds Are the Principal Market
  • The Potential Size of the Market
Life Settlement Investment Funds
  • Domestic U.S. – On-Shore
  • Off-Shore
State Life Settlement Laws
  • Number of States
  • Two Model Laws
  • Hybrid Statutes
  • STOLI Amendments
Applicability of Securities Laws
  • Federal – Primarily Fractional Interests in Death Benefits – Howey Supreme Court Decision – Investment Contract
  • State – Enactment After the Life Partners D.C. Circuit Decision
  • Investment Contract Approach and Specific State Statutes
Compliance With Privacy Laws
  • GLBA
  • HIPAA
Diligencing Life Insurance Policies
  • Insurable Interest
  • Stranger-Originated Life Insurance Litigation
  • Cost of Insurance Increase Litigation
Income Taxation of Sales of and Investments in Life Insurance Policies
Crystal Ball – the Future
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Live Webinar Registration

  • CFP 1.5
     
  • The Certified Financial Planner Board of Standards, Inc. has granted 1.5 hours of continuing education credit. Level of Knowledge: Intermediate.
     
  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CO CLE 2.0 (Pending)
     
  • This program has been submitted to the Colorado Supreme Court Board of Continuing Legal and Judicial Education for a maximum of 2.0 hours of CLE. Subject to approval.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MN CLE 1.5
     
  • This program has been approved by the Minnesota Board of Continuing Legal Education for 1.5 hours of credit.
     
  • MO CLE 1.8
     
  • This program has been approved by the Missouri Bar for 1.8 hours of CLE.
     
  • MS CLE 1.5
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.5 credit hours.
     
  • ND CLE 1.5
     
  • This program has been reviewed by the North Dakota Commission for Continuing Legal Education and approved for 1.5 hours of CLE credit.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NM CLE 1.5
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NY CLE 1.5 including Skills 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Skills for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for credit for established attorneys only. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • TN CLE 1.5
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.5 hours of credit.
     
  • UT CLE 1.5
     
  • This program has been approved by the Utah State Board of Continuing Legal Education for 1.5 CLE hours.
     
  • VA CLE 1.5
     
  • This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.5 CLE credit hours.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of Law & Legal Procedure credit.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
  • CPE 1.8 including Taxes 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, LLC. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of .
     

OnDemand Webinar

This course was last revised on May 25, 2011.

Call 1-866-352-9540 for further credit information.

No Credit Available

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Who should attend?

This live webinar is designed for attorneys, accountants, CPAs, business owners and managers, insurance professionals, presidents, vice presidents, financial and estate planners, bankers and trust officers.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Brian Casey

Brian Casey

Locke Lord LLP

  • Partner in the office of Locke Lord LLP
  • Practice emphasizes all aspects of corporate, merger and acquisition, corporate and structured finance and other transactional and regulatory matters for corporate clients in the insurance, financial services and health care industries
  • Conducts regular seminars and workshops on numerous topics, including life settlements, examples include Current Trends in Litigation, speaker, Life Insurance Settlement Association (LISA) 25th Annual Fall Life Settlement & Compliance Conference, Oct. 13-15, 2019; Direct to Consumer Marketing Techniques, panelist, The Life Settlements Conference 2019, Sept. 10, 2019; and Investment Structures in Ireland and Luxembourg–Comparison and Contrast, speaker, LISA 9th Annual Life Settlement Institutional Investor Conference, Jan. 28, 2019
  • Wrote numerous publications related to the areas of insurance, recent examples include, co-wrote, "Locke Lord QuickStudy: United States District Court N.D. Illinois, Western Division Sun Life Assurance Company of Canada, Plaintiff, vs. Wells Fargo Bank, N.A., et al., Defendants. Case No. 17 C 06588," Locke Lord LLP, April 13, 2020; co-wrote, "Changes State Insurance Regulators Are Making For COVID-19," Law360, March 30, 2020; co-wrote, "Locke Lord QuickStudy: Jackson National Life Insurance Company vs. Sterling Crum," Locke Lord LLP, March 24, 2020; co-wrote, "Locke Lord QuickStudy: As Companies Seek Alternative Ways to Sign Contracts and Other Records During COVID-19 Pandemic, E-Processes Take Center Stage," Locke Lord LLP, March 18, 2020; and co-wrote, "Top 10 Insurance Laws And Regulations Of The Decade," January 28, 2020
  • Membership information includes Board of Directors, Life Insurance Direct Marketing Association (LIDMA) (2006 - present); Board of Directors, Life Insurance Settlement Association (LISA) (2002 - 2013, 2019 - present); member, Executive Committee, European Life Settlement Association (2014 - present); Board of Directors, Life Settlement Association of Canada; and member, Association of Alabama Life Insurance Companies (2002 - present)
  • Named The Best Lawyers in America® for Insurance (2018 - 2020); named in the List of the 100 Most Powerful People in the Insurance Industry - North America (2002 - 2010); and named, Ten Most Influential People in Life Settlements, Life Settlement Review (2008 - 2010)
  • LL.M. degree in taxation, Emory University School of Law; J.D. degree, The Ohio State University Moritz College of Law; B.A./B.S. degrees in accounting, summa cum laude, Auburn University
  • Can be contacted at 404-870-4638 or [email protected]
Thomas D. Sherman

Thomas D. Sherman

Locke Lord LLP

  • Of Counsel in the office of Locke Lord LLP
  • Practice emphasizes all aspects of the purchase and sale of life insurance policies, sellers, life settlement providers, life settlement brokers, individual investors, life settlement funds, securities intermediaries, insured tracking firms and others
  • Conducts regular seminars and workshops on numerous topics, including life settlements, examples include Compliance Track: An Update of Federal Tax Provision Changes: Reporting Requirements, speaker, Life Insurance Settlement Association (LISA) 24th Annual Fall Life Settlement & Compliance Conference, October 23, 2018; and An Update of Federal Tax Provision Changes: Reporting Requirements, speaker, Life Insurance Settlement Association (LISA) 24th Annual Spring Life Settlement Conference, Washington D.C., May 8, 2018
  • Written several publications related to the areas of insurance including, co-wrote, "Locke Lord QuickStudy: United States District Court N.D. Illinois, Western Division Sun Life Assurance Company of Canada, Plaintiff, vs. Wells Fargo Bank, N.A., et al., Defendants. Case No. 17 C 06588," Locke Lord LLP, April 13, 2020; co-wrote, "Locke Lord QuickStudy: Jackson National Life Insurance Company vs. Sterling Crum," Locke Lord LLP, March 24, 2020; co-wrote, "Looking Back at the Life Settlements Industry in 2019," January 21, 2020; co-wrote, "Locke Lord Quick-Study: Reportable Policy Sales - IRC Section 6050Y - Timing for Reporting to the IRS on Form 1099-LS Copy A, providing statements to issuing Life insurance Companies on IRS Form 1099-LS Copy C and to Payment Recipients on Form 1099-LS Copy B," Locke Lord LLP, January 2, 2020; and co-wrote, "Life Settlements Industry Hot And Cold On New IRS Rules," Law360, November 21, 2019
  • Member, Life Insurance Settlement Association (LISA) and State Bar of Georgia
  • J.D. degree, cum laude, University of Michigan Law School; B.B.A. degree, Beta Alpha Psi Honorary Accounting Fraternity, University of Michigan
  • Can be contacted at 404-870-4672 or [email protected]
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Why Lorman?

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Product ID: 407396
Published 2011, 2020
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