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Viatical Group Plans Fraud-Busting Database

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NU Online News Service, July 12, 12:42 p.m. – The Life Settlement Institute, Washington, a trade group for institutionally funded companies that buy rights to life insurance policy death benefits, says it hopes to set up a national viatical settlement fraud prevention database.

The database would be designed to help life settlement companies identify benefits rights sellers, benefits rights brokers and professional advisors, such as doctors, who have engaged in questionable conduct in connection with benefits rights sales, the institute says.

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The institute says it is now studying the state and federal laws that would affect the design and operation of the database.