Florida Issues Order Against Life Settlement Firm

Doug Head, executive director of the Life Insurance Settlements Association, Orlando, Fla, explains the issue is one of what an insurance provider is, as opposed to a financier, according to Florida law. He commented generally on the situation, "The difficulty for everybody is determining where the line is between provider activity and financing entity as described by Florida law."

Berman also says, "Although we are not licensed to do business as a life settlement provider in Florida, we do act as a financing entity which acquires life insurance policies purchased by providers that are licensed in Florida." He continues, "Great West Growth is committed to complying with the applicable rules and regulations of all the states in which we conduct business."

Great West Growth L.L.C is not an affiliate of Great West Life and Annuity Company, Greenwood Village, Colo.