ORLANDO, FL--(MARKET WIRE)--Oct 1, 2008 -- Life Insurance Settlement Association (LISA) Executive Director Doug Head issued the following statement today in the wake of California Governor Arnold Schwarzenegger's veto of SB 1543 (Sen. Machado).

Statement of Doug Head, LISA Executive Director:

"Senate Bill 1543, based on model legislation developed by the National Conference of Insurance Legislators, would have provided a strong regulatory framework for the growing life insurance settlement industry in California starting in January 2009. The bill was recently passed by the California Legislature with the near unanimous consent of each chamber and was supported by nearly every life insurance and life settlement company and their respective trade associations, as well as several consumer groups, including the AARP.

LISA believes that Senate Bill 1543 was outstanding legislation that protected the property rights of California consumers, established the strongest consumer protections in life settlement transactions and addressed concerns about stranger-originated life insurance (STOLI).

LISA appreciates the Governor's commitment to bringing all concerned parties together soon in order to pass revised legislation that regulates life settlements and addresses STOLI. LISA and its member companies remain committed to working with legislators, life insurers and consumer organizations on this legislation in order to secure California consumers' rights and protect against those who would harm the state's seniors and violate the state's insurable interest laws.

LISA would like to extend its gratitude to retiring Senator Mike Machado (D - Linden), the author of the bill, and Assemblyman Joe Coto (D - San Jose). These two legislative leaders and their staffs were vigilant in their efforts to see the strongest life settlement and anti-STOLI law adopted in California."

Established in 1994, the Life Insurance Settlement Association is the oldest and largest trade organization in the industry. Its goal is to promote the development, integrity, and reputation of the life settlement industry, and to promote a competitive market for the people it serves. LISA now represents over 180 members with a wide variety of interests in the industry. For more about the Association, visit www.lisassociation.org.

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     Doug Head
     LISA Executive Director
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