Legacy Benefits Granted Colorado License
NEW YORK–(BUSINESS WIRE)–Legacy Benefits Corporation (New York), a recognized leader and innovator in the life settlements industry, has been granted a life settlement provider license in the state of Colorado, which recently enacted legislation regulating the field.
“The state had stringent requirements for granting licenses,” said Meir Eliav, President of Legacy Benefits. “Our approval testifies to Legacy Benefits’ long and outstanding regulatory and compliance track record as well as our ethical standards of business conduct.”
Legacy Benefits has been doing business in Colorado for a number of years. As a company with a history of successful transactions in the state, Legacy Benefits was able to continue to provide life settlement services throughout the licensing approval process under the terms of the legislation.
“Legacy Benefits supports licensing and other industry regulations that safeguard consumers and help maintain the highest integrity in the field,” said Eliav. “We have always adhered to our own best practice standards and encouraged others to do the same.”
Legacy Benefits conducts business in the majority of U.S. states and has recently launched a major initiative to secure licenses in those states where it is not yet licensed. As part of this effort, the company has also obtained licenses in Georgia and New Jersey in recent months. The initiative is part of Legacy’s ongoing plan for growth that also includes expansion of its professional staff, corporate offices and IT infrastructure.
About Legacy Benefits
A recognized leader in the life settlement industry, Legacy Benefits pioneered this burgeoning specialty finance field more than 15 years ago and today maintains its reputation as an industry innovator. Since 1991, Legacy Benefits has specialized in the origination, servicing and management of life insurance assets for a broad range of institutional clients. It utilizes an ever-evolving array of sophisticated analytical tools and upholds the highest ethical standards when evaluating and acquiring unwanted or unneeded insurance policies for its institutional clientele. Legacy Benefits was founded by company president Meir Eliav, a 30-year financial services veteran, who was a founding member and past-president of the Life Insurance Settlement Association (LISA), the largest U.S. trade association in the industry.
In 2004, the innovative firm became the first ever to originate a portfolio of life settlement assets for a securitization transaction rated A1/Baa3 rating by Moody’s Investor Services. In 2006, Legacy Benefits received and reviewed life insurance policies covering 8,000 lives with a total face value of approximately U.S. $12 billion.
Source: Business Wire
