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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
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Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
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Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
March 23, 2006 at 08:04 PM
The Life Insurance Finance Association says lawmakers should be careful when updating the laws that govern who can pay to insure an individual’s life.
Lawmakers may need to fine-tune the concept of “insurable interest,” but they should use a fine brush and avoid making changes that might interfere with legitimate premium financing and life settlement transactions, according to Scott Cipinko, of managing director LIFA, Atlanta, a new trade group for the premium finance industry.
“LIFA and its members strongly believe that life insurance policies should only be purchased based upon an insurable interest in the life of the insured,” LIFA says in a statement.
But LIFA distinguishes between premium financing transactions used to buy insurance in which there is an insurable interest and other types of transactions currently under regulatory scrutiny, such as investor-initiated, investor-owned, stranger-owned and charity-owned life insurance.
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