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| 8-K - LIFE PARTNERS HOLDINGS INC | v203973_8-k.htm |
Life
Partners Applauds NCOIL's Model Legislation
- Victory
for Insurance Consumers -
Waco, TX,
November 24, 2010 ─ Life
Partners, Inc. and its parent company, Life Partners Holdings, Inc.
(Nasdaq GS: LPHI) strongly praised the National Conference of Insurance
Legislators (NCOIL) for its recent adoption of model legislation that requires
life insurers to notify policy owners of the option to sell their policy instead
of allowing it to lapse without value. Such transactions are known as
“life settlements” and can offer a substantial benefit to senior Americans
seeking to recover value from a life insurance policy when coverage is no longer
needed.
“The
NCOIL model legislation will go a long way to raising the awareness level among
insurance consumers of the life settlement alternative. This model
act elevates consumer rights and private property rights above the special
interests of insurance companies. We applaud the NCOIL Executive
Committee for standing strong to protect consumers and helping them to maximize
the value of the policies they own,” said Brian Pardo, Chairman and Chief
Executive Officer of Life Partners Holdings, Inc.
The
American Council of Life Insurers, a life insurance company trade group,
vigorously opposes the specific disclosure of options and alternatives called
for in the model act.
The Life
Insurance Consumer Disclosure Act was adopted during the NCOIL Annual Meeting in
Austin, Texas last week. The model act provides that insurance
companies must notify insureds who are 60 years old and older or individuals
suffering from a terminal or chronic illness of their options. The
act covers eight possible options, including life settlements, accelerated death
benefits, and conversion to long-term care policies.
Although
the model act is not binding on any state, NCOIL model legislation can indicate
legislative trends for the insurance industry, and state legislatures frequently
incorporate NCOIL model acts into their own state laws.
Life Partners Holdings, Inc.
(Nasdaq GS: LPHI) is the world's oldest and one of the most active companies in
the United States engaged in the secondary market for life insurance, commonly
called “life settlements.” Since its incorporation in 1991, Life
Partners has completed over 124,000 transactions for its worldwide client base
of over 27,000 high net worth individuals and institutions in connection with
the purchase of approximately 6,400 policies totaling approximately $2.7 billion
in face value.
Visit our
website at: www.lphi.com.
LPHI-G
Contact:
Life
Partners Holdings, Inc.
Shareholder
Relations, 254-751-7797
info@LPHI.com
www.lphi.com
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