Viatical Settlement Provider Settles Case With Office Of Insurance Regulation
Tallahassee - The Florida Office of Insurance Regulation announced today that it has reached agreement with Wm. Page and Associates, Inc., d/b/a/ The Lifeline Program, of Ft. Lauderdale, regarding an Administrative Complaint alleging multiple violations of the Florida Insurance Code. Wm. Page and Associates is a licensed viatical settlement provider and is charged with imposing improper fees and premiums.
Office of Insurance Regulation Director Kevin McCarty said "Our office will constantly be on the lookout for those who overcharge customers or who improperly administer fees. If these charges are not detailed in their filings to us, they cannot charge them to customers."
In the settlement, Wm. Page and Associates will be placed on probation for two years and pay a $25,000.00 fine. They also must repay any service fees and any premium overcharges to the purchasers of their viatical settlement agreements. Wm. Page and Associates have agreed to rewrite their settlement agreements to detail any fees or charges included in them and have them approved by the Office of Insurance Regulation. The company has filed a corrective plan of action and will update the Office of Insurance Regulation, quarterly, on its progress in fulfilling it.
In a viatical settlement transaction investors purchase, at a discount, the future death benefits of a life insurance policy. The viatical settlement purchaser then receives the death benefit, upon the passing of the insured, conceivably receiving more than their total investment in the arrangement.