Life Settlement Solutions Receives Licensing in New Jersey
SAN DIEGO-(Business Wire)-January 10, 2007 - New Jersey recently enacted life-settlement provider licensing requirements, and Life Settlement Solutions Inc., one of the nation’s premier sources of life-settlement funding, was among the first life-settlement providers to receive a license under the law.
New Jersey issued Life Settlement Solutions’ viatical (life) settlement provider license Jan. 2, 2007.
Life Settlement Solutions has done business in New Jersey since 2003, prior to life settlement transactions being regulated in that state. The state expanded its viatical settlement laws to include life settlements, effective Dec. 21, 2005. Prior to the enactment of the 2005 legislation, life-settlement companies were allowed to conduct business in the state without licensing requirements. The new law provided for a transitional provision that permitted life-settlement providers previously conducting life settlements in the state to continue doing so while their license applications were pending, so long as the application was filed within 30 days following the effective date of the act. Life Settlement Solutions’ application was filed within that 30-day period, so there has been no interruption in its doing business in New Jersey.
“The issuance of Life Settlement Solutions’ license in New Jersey is significant because it recognizes our company as officially approved by the state’s division of insurance as a formally licensed settlement provider,” said Larry Simon, president and founder of Life Settlement Solutions Inc. “We are proud of our history of licensing approvals throughout the country, and our unblemished regulatory and compliance track record. We are very pleased to be among the first life-settlement companies to obtain such licensing in New Jersey.”
