Friday, May 8, 2009

LISA Tweets

Following up on some more tweets filed under Jimsconn on and Jim Connolly on Linkedin, here are some of the day’s highlights during the 15th annual spring meeting of the Life Insurance Settlement Association, Orlando, Fla.

Crowley Tweet

U.S. Congressman Joseph Crowley, D-N.Y., addressed LISA attendees this morning. Crowley spoke generally about how members of Congress are more accessible than people might think and how it is also more bipartisan than it is given credit for.

More specific to LISA, Crowley told attendees that the May 1 revenue rulings 2009-13 and 2009-14, is something that he will give attention to, talking with Congressman John Lewis, D-Ga., chair of the House Ways and Means Committee subcommittee on oversight. All information will be given proper analysis, he told attendees.

He noted the concern of LISA members regarding both the tax implications and the vagueness of the rulings. Crowley said that anyone who is concerned with the issue should contact members of Ways and Means. At least one attendee noted that the rulings will move business off shore to Europe.

Insurable Interest Tweet

A panel on life insurance litigation took attendees through many of the insurable interest cases addressing allegations of STOLI. Panelists said that how transactions are structured really is a state-by-state process since insurable interest laws differ by state. For instance, if there is a question of insurable interest, some jurisdictions allow questions to be raised beyond the contestability period. And, even if medical and financial underwriting is not allowed under contestability provisions used to contest a contract, it might still be used against individuals in a case. “You can’t put it in a box and act like it has been put in the basement.”

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