But at the recent Life Settlement Summit, sponsored by National Underwriter and other Summit Business Media publications, Peter Mazonas, chief executive officer of Life Settlement Financial LLC, San Rafael, California, said that "consistent underwriting practices, including life expectancy tables[,]" were necessary to further develop the industry. He also cited regulation in an effort to avoid stranger-originated life insurance, or STOLI, as causing some originators of settlements to try to "dump their portfolios."
Indicative of those regulations, California has issued new provisions for agents who want to sell life settlements within the state. A 15-hour life settlement broker course has been added to requirements for those who have been life agents for less than a year or who do not hold a life agent license.
