Q Capital’s John McCarroll Re-elected to LISA Board of Directors

In a highly contested election, John McCarroll, Vice President-General Counsel of Q Capital Strategies, was re-elected to the Board of Directors of the Life Insurance Settlement Association (LISA).  John has served on LISA’s Board since 2005 and, since 2008, has been a Vice President of the Board.  John’s hard work and significant contributions on the Board prompted his re-election.  Congratulations to John and the five other newly elected members.

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May 17th, 2010
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California outlines new life settlement broker requirements

Anyone transacting a life settlement in California will be required to notify the California Department of Insurance of the transaction within 10 days, according to new rules covering life settlement transactions.

Additionally, any agent who has been transacting life settlements for less than one year will need to complete a 15-hour life settlement training course prior to qualifying for a Life Settlement Broker license, according to the new rules. Agents who have been transacting life settlements for more than a year do not need to complete the coursework to obtain a two-year license, costing $136.

The rules, which take effect July 1, are a response to a new law, signed by Gov. Arnold Schwarzenegger on Oct. 11, 2009, repealing the state’s viatical settlement laws and instituting new life settlement laws.

In the last few years, state regulators in a number of states have been seeking tighter regulation on life settlement transactions, hoping their efforts will curtail transactions that take advantage of the elderly.

California regulators are creating a life settlement notification form for agents to use, according to a notice issued by the agency earlier this month. All notifications will be conducted using the state regulator’s website, according to the notice.

The Life Settlement Broker course is being developed by a curriculum board, appointed by California Insurance Commissioner Steve Poizner.

As part of the passage of SB 98, the commissioner was required to evaluate whether the life insurance agent’s examination met the requirements of the new law. The curriculum board evaluated and deemed it necessary to include several life settlement questions in the life insurance licensee examination. The inclusion of life settlement topics on the exam also is scheduled to begin July 1.

Source: Insurance and Financial Advisor, 4/28/2010 (IFAWebNews.com)

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April 28th, 2010
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Q Capital’s John McCarroll Seeks Re-Election to LISA Board

The Life Insurance Settlement Association (”LISA”) convenes its 16th Annual Spring Life Settlement Conference in Washington, DC next week from April 28-30.  At the spring conference, the association’s members vote for six Board members who will each serve a two-year term.  It should be an interesting election, as 11 well-qualified candidates run for these six spots.   It is important to the vitality of LISA that it has a strong, diverse Board of Directors that understands all aspects of the industry and can represent the many constituents of the association.  In the current market environment, that means covering key legal, financial, and regulatory issues that face the life settlement industry today.  One of the candidates standing for re-election is John McCarroll, Vice President-General Counsel of Q Capital Strategies, LLC, a leading full-service life settlement company and licensed provider.  John has served on the LISA Board since 2005 and has been a Vice President of the Board and Chairman of its Legal Committee since 2008.  Being a Board member of LISA is a real time commitment and takes serious dedication.  I have seen first hand the countless hours that John has dedicated to LISA and passion he has for building a stronger organization and industry.  John’s perspective on the  Board is important – he combines a solid background in regulatory and insurance law with the practicality of working for a company operating in the industry everyday.  John takes that perspective to ensure that sound regulation and policies are promoted and adopted without inhibiting the operations of the companies in the business.  BEing on the LISA Board also involves listening to and understanding the concerns of all interested parties.  John has proven that he can work with different companies and achieve progress.  I hope that you will join me in supporting John’s re-election to the Board.

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April 22nd, 2010
Filed under General |
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New York Life Settlement Transaction Forms Due

In order to maintain the ability to operate in New York state under grandfather provisions, all life settlement providers were required to file transaction document forms by the end of last week.   While the licensing requirements do not go into effect until next month, the state required that all transaction forms be filled with the state ahead of time.  Life settlement providers are awaiting the release of the application form, which is expected shortly.  2010 will be an active year on the regulatory front as three other states – California, Illinois, and Rhode Island – implement legislation to regulate life settlements that were passed last year.

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April 20th, 2010
Filed under Regulation |
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