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Florida Issues Order Against Viatical Firm

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Sunshine State insurance regulators have asked a Minnesota company to stop buying life insurance policies in their state.

The Florida Office of Insurance Regulation has issued a cease-and-desist order to Great West Growth L.L.C., Minneapolis, in connection with allegations that Great West has been buying policies in Florida without holding a Florida viatical settlement provider license.

Great West has processed viatical settlement contracts involving at least 8 life insurance policies owned by Florida residents, and the company has reviewed about 200 other policies owned by Florida residents, Florida officials say.

A Great West representative said the company is reviewing the Florida order and is not yet ready to discuss it.