Opening Remarks
8:00 AM
SPEAKER: BRETT GOETSCHIUS, The Life Settlements Report

Life Settlements: A Quarterly Market Analysis
8:05 - 8:25 AM
This presentation provides Life Settlement brokers, providers, and funders a summary of economic values for life insurance policies traded in the secondary market, while tracking actual transactions and trends that have occurred quarterly since January 2006. This analysis provides a quality measurement of market variables such as, average purchase price, average face value of policies, and average age of insureds. This session provides useful tools to enable Life Settlement brokers to gauge the value of policies, and for funders to fine-tune their investment strategy.
SPEAKER: VALERIE COFFEY, Life Policy Dynamics

Due Diligence: Protecting Your Investment
8:30 - 9:15 AM
Financial bankers, brokers, providers and other industry vendors are all concerned with the background qualities of who they are doing business with. This panel addresses the various due diligence methodologies that the Life Settlements industry must adhere to in the course of transacting business. Panelists address concerns relating to questionable history, money laundering, specific characteristics for international companies and guidelines set forth by the NAIC and NASD.
MODERATOR: CRAIG SEITEL, Abacus Settlements
PANELISTS: MEIR ELIAV, Legacy Benefits; ROBERT FINFER, Integrity Capital Partners; Additional Panelists TBA

Investment Strategies for Institutional Investors
9:20 - 9:40 AM
Life Settlements is a growing asset class for capital market investors, uncorrelated to traditional sectors. This presentation addresses the risks associated with this emerging market, the pros and cons of new longevity derivatives and structured notes, and focuses on the looming reality of securitization and how to position and structure your deals accordingly.
SPEAKER: MICHAEL T. CRANE, Deutsche Bank

Is Life Insurance Property?
10:15 - 10:55 AM
The property right in life insurance has been established in the U.S. for over 150 years. Despite efforts throughout history by strangers to evade the insurable interest laws, this right of assignment has been universally reaffirmed by legislators and the courts. Why, now, are insurers attempting to roll back the long-established property right in the name of fighting STOLI? This presentation discusses why some life insurance industry participants oppose the notion that life insurance is property.
SPEAKER: ALAN H. BUERGER, Coventry

Keynote Address
Why the Life Settlements Industry Must be Regulated
11:00 - 11:30 AM
North Dakota is the first state in the nation to adopt a law targeting "Stranger-Originated Life Insurance" (STOLI). Representative Jim Kasper, has served four sessions in the North Dakota House of Representatives and was instrumental in passing this legislation, which follows the National Association of Insurance Commissioners’ (NAIC) proposed model act revisions. Rep. Kasper is confident that the North Dakota model law will be adopted throughout the country, and discusses why he feels the Life Settlements industry must be regulated.
SPEAKER: REP. JIM KASPER, North Dakota House of Representatives

Premium Finance: Legal & Regulatory Issues
11:35 - 12:25 PM
The premium finance industry continues to draw a lot of attention, by allowing qualified individuals to obtain large amounts of coverage, with loans tailored to each situation. These programs give access to funders interested in policies with long-life expectancies, and large face-values while requiring little or no collateral. Panelists discuss the latest legal and regulatory issues involved in structuring a solid program, while uncovering some of the latest, unique and innovative premium finance deal structures.
MODERATOR: MARK ROSS, Mark Ross & Co.
PANELISTS: GARY BRECKA, Life Asset Group; ROBERT RIGAL, Peachtree Life Finance; ROB STARK, Melville Capital; KURT GEARHART, Credit Suisse

Life Expectancy: The Role of the Underwriter
1:45 - 2:05 PM
The structure and pricing of Life Settlement transactions are highly dependent on life expectancy and underwriting. This presentation covers the underwriter's role and the importance of measuring the accuracy of morality estimates, unique characteristics for the over-65 demographic, and an overview of the regulatory requirements involved with these transactions.
SPEAKER: MIKE FASANO, Fasano Associates

Life Expectancy: The Role of the Actuary
2:10 - 2:30 PM
Transaction structures are not based solely on underwriting and life expectancy estimates. It is the Actuaries role to use their analytical skills to predict the amount of risk involved with the transaction. By using mathematical methods they analyze large amounts of data, interpret the meaning of the data and project the outcome. This presentation addresses the Actuaries role in Life Settlement underwriting.
SPEAKER: STEVE BOGER, Milliman

The Institutional Life Markets Association
2:35 - 3:00 PM
Representatives from a newly formed trade group comprised of institutional investors and intermediaries, discuss their views on Life Settlements and premium finance. Panelists discuss their groups' proposed revisions to the NAIC model act, ideas on regulation, the development of industry best practices, support of longstanding insurable interest principles, and advancing the public understanding of the industry.
SPEAKER: JACK KELLY, McPherson Group; ALBERT PINZON, Stroock & Stroock; KURT GEARHART, Credit Suisse

Life Settlements & Trusts
2:35 - 3:00 PM
This session provides insight on the current legal and regulatory climate in connection with the use of Irrevocable Life Insurance Trusts and other trusts to obtain, hold and transfer life insurance policies in Life Settlement transactions. Life Settlement providers, financing entities, financial planners and other professional consultants will benefit from learning more about the advantages of different trust structures, the differences between grantor and non-grantor trusts, and the tax treatment of gains and losses from the sale of a life insurance policy by a trust.
SPEAKER: DAMIEN RIOS, Caciques Consulting

Operational Strategies: What are the Challenges in Today’s Marketplace?
3:55 - 4:15 PM
This session discusses the operational challenges that policy purchasers and providers face in today’s Life Settlement marketplace. It focuses on the production cycle, data collection and management, licensing and compliance and policy sourcing and origination.
SPEAKER: STEVEN SHAPIRO, Q. Capital Strategies

The Legal & Political Landscape: What’s on the Horizon?
4:20 - 5:05 PM
Life Settlement companies, life insurance producers, brokers and financing sources all want to know more about this complex industry. The discussions before the NAIC Committee turned from the issue of insurable interest and the manufacture of Stranger Initiated Life Insurance to a discussion of premium finance. This session covers the various provisions of the NAIC and NCOIL Model Acts, and how the proposed revisions from a both a legal and regulatory perspective, if approved, may affect the way you do business. Panelists also focus on the issues revolving around the high-profile lawsuits alleging fraudulent business practices, anti-competitive behavior, and securities violations in the Life Settlements industry.
MODERATOR: JULIE MCPEAK, Kentucky Office of Insurance
PANELISTS: RUSS DORSETT, Select Life Settlement Group; MICHAEL FREEDMAN, Coventry; SCOTT PEDEN, Life Partners Holdings; STEVE WASHINGTON, Life Equity

Risk Transfer for Life Settlements
5:10 - 5:30 PM
As the life insurance industry develops increasingly complex and unique transactions that involve premium financing techniques, portfolio securitizations and Life Settlement transactions, it's important to structure unique risk transfer solutions that enhance profitability. In order to eliminate risk associated with complex life transactions, clients must understand the critical issues along with the sources of both risks and profits. This session discusses recent developments regarding risk transfer for Life Settlement related transactions including insurance availability, conditions, terms, price and process, while clarifying the financial and transactional advantages enabled through the use of insurance capital for Life Settlement risks.
SPEAKER: NEMO PERERA, Risk Capital Partners

The Intersection of Insurance, Life Settlements and Securities
8:00 - 8:25 AM
As the Life Settlement market grows in scope and complexity, there has been an explosion of issues relating to the regulation of insurance policies and Life Settlement transactions as securities. Legal, compliance, and product professionals want to know how to meet these competing demands and understand the impact of recent regulatory developments. This session discusses recent developments regarding insurance securities products. Among the developments to be discussed, are the jurisdictional issues posed by the NASD’s assertion of authority over non-variable products and the potential extension of such regulatory efforts. The session provides a unique perspective on how companies are learning to cope in this new environment and the impact recent developments may have upon the Life Settlements industry.
SPEAKER: BRIAN CASEY, Lord Bissel & Brook

Life Settlement Pools
8:30 - 8:50 AM
Securitization has generated a lot of interest in the capital markets as institutional investors continue to finance the accumulation of Life Settlement portfolios. Standardization, transparency of pricing, and establishing a rating system for assessing credit risks are all important issues. This presentation covers some of the challenges associated with investing in Life Settlement pools including supply and availability, pricing of policies, and life expectancy estimates.
SPEAKER: MARK GOODE, Secondary Life Capital

The American Life Insurance Congress
8:55 - 9:40 AM
Is selling a life insurance policy on the secondary market the only option available to a policyholder in need of liquidity? Generally, the insurance carriers position has been that life insurance policies should be maintained until death, but with the booming Life Settlements market, insurance companies have been forced to develop their own options for customers, including accelerated death benefits, and loans. Panelists present recent developments, and discuss their views on this controversial issue.
MODERATOR: PETER MOLINARO, Former New York State Senior Deputy Superintendent of Insurance, and President of the American Life Insurance Congress
PANELISTS: GARY BRECKA, Life Asset Group; MARK ROSS, Mark Ross & Co.; GREGORY SERIO, Former New York State Superintendent of Insurance, and Managing Director, Park Strategies

Keynote Address
The Emerging Role of Regulation in the Life Settlement Arena: Consumer Protection vs. Consumer Property Rights
10:15 - 10:45 AM
Representative George Keiser has served eight sessions in the North Dakota House of Representatives, and has been highly involved in the recent discussions of the laws passed in North Dakota. This presentation discusses the emerging role of regulation in the Life Settlements arena. He compares and contrasts the National Conference of Insurance Legislators (NCOIL) and the National Association of Insurance Commissioners (NAIC) proposed legislation, and gives his thoughts on what needs to be done to refine the existing legislation.
SPEAKER: REP. GEORGE KEISER, North Dakota House of Representatives

The Revolutionary Secondary Life Insurance Market Grows Up and Becomes a True Asset
10:50 - 11:30 AM
Stock and real estate can go up and down, but only death is guaranteed. Life Insurance is an often unused and hidden asset that has become a necessary part of appropriate estate planning, and is even being used in philanthropy. This presentation discusses how to avoid unscrupulous behavior in regards to non-recourse financing, disclosure and transparency, and how to circumvent the common mistakes made by many professionals in the industry.
SPEAKER: BARRY KAYE, Barry Kaye Associates

The Economics of Life Settlements: Where's the Alignment of Interest?
11:35 - 11:55 AM
This presentation discusses the considerations that an investor must take into account when pricing a policy, and the risks and assumptions that are inherent to such pricing. It also focuses on the typical flow of the economics of a settlement transaction. Most importantly, this session highlights where those economics fail to fully align with the interests of investors, and how this is the principal source of hesitancy, mistrust and overall discord between many of the funders and sources of policies in the market. It also gives practical proposals on how to fully align such interests for the betterment of the Life Settlements industry.
SPEAKER: JIM SINNOTT, Berlin Atlantic Capital

Fee Disclosure: Should there be Transparency on Compensation?
1:15 - 2:00 PM
Fees for agents and brokers in Life Settlements transactions can be extraordinarily high, in some cases equal to what the seller receives. Brokers and providers generally agree that consumers should know exactly how much in commissions they are paying to sell their life insurance policies on the secondary market, but there is an opposing view. Recent lawsuits have alleged fraud and the use of "co-brokering fees" or commissions to suppress higher bids from competitors. This panel discusses issues related to compensation disclosure and transparency on commissions including the roles of each participant, state requirements for disclosure and pending regulatory developments.
MODERATOR: JIM CAVOLI, Life Settlements Insights
PANELISTS: ROB HAYNIE, Life Insurance Settlements; ROBERT SETTLOW, Life Settlement Company of America; WES STRICKLAND, Foley & Lardner

Questions & Answers
2:05 - 2:50 PM
This segment is an open discussion with our panel of experts, and is your chance to ask them questions about anything relating to the legislative and political concerns, or regulatory and legal issues surrounding the secondary life insurance market.
PANELISTS: REP. JIM KASPER, North Dakota House of Representatives; REP. GEORGE KAISER, North Dakota House of Representatives; JACK KELLY, McPherson Group; JULIE MCPEAK, Kentucky Office of Insurance

Technology Solutions: Increasing Security and Efficiency
3:30 - 4:15 PM
Technology is being used to make the growing secondary life insurance market more secure, transparent and efficient by reducing the time and costs associated with Life Settlement transactions. Many platforms are emerging that enable brokers the ability to bring their clients the highest offer in the marketplace quickly and efficiently. This panel discusses these emerging systems and the unique offerings they have, including the use of B2B software, reporting and compliance tools, electronic trading, and back office support.
MODERATOR: DAVID DORR, Life-Exchange
PANELISTS: VISHAAL BHUYAN, Global Insurance Exchange; CYNDI POVEDA, Life Settlements Insights

Life Settlement Closing Procedures: Documentation & Due Diligence
4:20 - 4:40 PM
Closing a Life Settlement case with the proper documentation creates a self-supporting set of documents which, in the aggregate, represent a free-standing, verifiable and attractive asset suitable for an institutional investor. This presentation addresses the methods used to evaluate, transact and construct a Life Settlement asset that are critical to the long-term value of any Life Settlement case.
SPEAKER: CHRIS CONWAY, Berlin Atlantic Capital