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Veris Director Russel Dorsett Tesifies Before Congress About Life Settlements' Value to Consumers

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September 29, 2009-Asked to speak before Congress on September 24, Russel Dorsett, Director of Veris Settlement Partners and President of the Life Insurance Settlement Association (LISA), testified on the benefits of life settlements to American consumers. In his testimony to the House Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, Mr. Dorsett reported that American consumers have benefited greatly from the life settlement market and have received nearly $10 billion over the past decade, "making it possible for them to afford retirement, medical care, or simply to enjoy the lifestyle they have earned," said Dorsett, continuing: "The average settlement pays policy owners four to six times the policy's cash value." Click here to read his entire testimony to Congress.

In the hearing entitled "Recent Innovations in Securitization," Chairman Paul Kanjorski (D-PA) affirmed the fact that the life settlement industry is "well established and quickly growing" and suggested that life settlements “can provide a source of liquidity” while noting that the securitization of this industry remains in its "infancy." Though a recent New York Times article focused on the securitization of life settlements, the hearing was brought back down to earth as Mr. Dorsett noted that "the number of transactions [securitized life settlements] actually completed can be counted on one hand -- with several fingers left over." Indeed, Mr. Dorsett established the clear and unambiguous distinction between the activities of a few Wall Street banks and the thousands of senior citizens who, each year, carefully weigh their financial options in favor of life settlements.

Ranking Member Rep. Scott Garrett (R - NJ) described life settlements as providing “seniors with a third option”, referring to an alternative to lapse or surrender, also reinforced the distinction noting that there have only been a few actual securitizations totaling around $3 billion. Rep. Garrett appeared incredulous at the notion that such a sum could ever "pose a threat to the broader life insurance market." "I kind of find hard to believe," Rep. Garrett declared, as he noted the "total outstanding dollar amount of life insurance policies" to be approximately $27 trillion.

In his opening remarks, subcommittee member Rep. Alan Grayson (D - FL) cautioned the committee to not confuse the Wall Street mischief that led to the current economic hardships with an industry that's "helping people get the full value of their policies." Rep. Grayson poignantly closed his remarks by stating, "And I don't think that this industry should be called upon to answer for the serious abuses that pervaded this economy in other areas over the past two years. And the sins of others should not descend on you."

Responding to the Subcommittee's concern over the recent abuses of Wall Street in other markets, Mr. Dorsett stated, "The life settlement marketplace isn't actually about Wall Street at all. It is, rather, about providing older Americans with the opportunity to profit from an asset for which they have bought and paid. It is about allowing seniors to benefit from a life insurance policy while they are still around to enjoy it."

Veris Settlement Partners is a Delaware corporation with offices in Rockville (Maryland), Northport (New York) and Houston (Texas). With senior management’s 85+ years of life insurance experience, Veris is uniquely positioned to provide financial advisors, and the policy owners they serve, with the professionalism, innovation, service and full disclosure that they expect and deserve.

For more information about us, please contact Randy Vogt at 1-888-563-1113, randy@go2veris.com or log on to http://www.go2veris.com
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Copyright 2011 Veris Settlement Partners

Veris Settlement Partners, Inc. is a multi-state viatical and life settlement broker. Veris Settlement Partners, Inc., and/or its affiliate firms Chesapeake Financial Settlements, LLC and Select Life Settlements Corporation, and/or one of its four directors as individuals, is licensed as a life settlement broker or viatical settlement broker in the following regulated states: AR, CT, FL, GA, HI, IN, LA, MD, MS, NC, NJ, NY, PA, TX, UT, VA.

Depending on the medical condition of the insured, Veris Settlement Partners, Inc. may or may not be able to broker a life insurance policy owned by a resident of the following states: CA, DE, IL, MA, MN, NM, OR, VT, WA, WI.

Veris Settlement Partners, Inc., and/or one of its four directors as individuals, may broker a life insurance policy owned by a resident of the following states that are not regulated and do not require licensure: AL, AZ, DC, ID, MI, MO, NH, RI, SC, SD, WY.

Some or all of the proceeds from a life settlement may be taxable under federal or state income tax laws.  Advice from a professional tax advisor is recommended. Veris Settlement Partners, inc. is not a viatical or life settlement provider.

This Compliance Notice is current as of August 15, 2008 and is subject to change.