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Press Release

Wm. Page & Associates D/B/A The Lifeline Program Surrenders Viatical Settlement Provider License
Monday, July 11, 2005
Contact:   Beth Scott
                850/ 413-2515
 
Tallahassee – Florida Insurance Commissioner Kevin McCarty accepted the surrender of Wm. Page & Associates, d/b/a The Lifeline Program, viatical settlement provider license. Upon the company's surrender, the Commissioner ordered  Wm. Page & Associates to conclude current transactions, to fulfill its contractual obligations to existing clients and cease all future business operations in Florida.
 
Following completion of an examination by the Office of Insurance Regulation (Office), the company surrendered its license and notified the Office of its intention to relocate business operations from Ft. Lauderdale, Fla., to Tucker, Ga.
 
Viatical settlement providers buy life insurance policies from policyholders who sell their policies for a percentage of the face value.  The viatical settlement provider then resells an interest in those policies to investors. 
 
New legislation effective July 1 makes these investments subject to Florida's securities laws. The new law requires the seller to provide full and fair disclosure to the investor and to determine the investment is suitable for the investor after considering the investor's financial and tax status, age, and investment objectives.
 
To better protect investors from fraud, the law requires individuals who estimate the life expectancies on policies purchased by investors to be registered with the Office of Insurance Regulation.
 
 The new law requires viatical settlement companies to provide regulators with names of the life expectancy providers it has used.   The legislation will also require brokers selling viatical investments to be licensed with the Office of Financial Regulation.
 
Wm. Page & Associates d/b/a The Lifeline Program is an Ohio corporation that was granted a viatical settlement provider license March 31, 1997.
 
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