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State Securities Acts Compliance Issues for Tertiary Market Life Settlement Policy Traders  


Author:  Brian T. Casey.; Ryan J. Last.


Source: Volume 55, Number 21, December 1 2022 , pp.243-249(7)




Review of Securities & Commodities Regulation

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Abstract: 

In this article, the authors begin by describing how life settlement transactions work for life settlement providers and investors. They then examine whether non-fractionalized life settlement investments are securities under the Supreme Court’s four-part Howey test for investment contracts, and the circuit court decisions applying the test to these investments. They close with application of state blue sky laws to resales of life settlement policy investments.

Keywords: Federal Securities Act Insurance Exemption; SEC v. Life Partners, Inc.; SEC v. Mutual Benefit Corp; SEC Life Settlement Task Force; State Blue Sky Securities Laws

Affiliations:  1: Locke Lord LLP; 2: Locke Lord LLP.

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