Universal Settlements International Inc. Responds to OSC Decision
Universal Settlements International Inc. (USI), a global leader in the life settlements industry based in Kitchener, Ontario, responded today to a decision from the Ontario Securities Commission (OSC).
The OSC has ruled that under the current provincial regulatory definition, the life settlement products offered by USI are investment contracts and therefore are securities. USI has been seeking a resolution since 2001 on this issue and is pleased that, with the ruling of the OSC, the matter has now been clarified.
The decision pointed out that USI had received an outside legal opinion that life settlement products are not a security and conducted its business based on that advice. The decision also noted that there were no allegations of improper conduct on the part of USI or its agents and that the ruling should not have a negative impact on existing investors while USI moves to comply with the conditions of the order.
USI is moving forward with its business strategy and will build on its existing exemplary record in dealing with clients and investors to meet its new regulatory obligations.
About Universal Settlements International Inc:
Universal Settlements International Inc. is a global financial services company in the life settlements industry, dedicated to providing prudent consultation services and financial products for the accumulation of wealth. Our mission is to provide superior service, to be the premier life settlement company worldwide, and the institution of choice. Universal Settlements International Inc. recognizes, understands and acknowledges its responsibility to provide products and services with integrity, respecting the trust placed in us for the prudent management of funds and to provide sound consulting services.
