Settlement industry leaders testify at NAIC meet

VLSAA president, executive director talk about insurable interest

Orlando, FL (June 10, 2005) – Both the president and executive director of the Viatical & Life Settlement Association of America (VLSAA) are slated to provide testimony before the Life Insurance and Annuities committee at the Summer Meeting of the National Association of Insurance Commissioners (NAIC), June 12, at the Boston Marriott Copley Place.

The Committee will convene from 3:30 p.m. to 6 p.m. On its agenda for Sunday is a hearing on investor-owned life insurance. At this hearing, the VLSAA officials will provide insight into the topic of insurable interest, as it pertains to charitable-owned life insurance, a subject that has garnered broad interest and generated controversy in recent months.

Testifying will be M. Bryan Freeman, president of Habersham Funding, LLC, Atlanta, who is president of the board of the VLSAA, and Doug Head, executive director of the VLSAA.

Freeman is a longtime life settlement industry leader who was just re-elected to a fourth consecutive term as VLSAA president June 6. He is a licensed life insurance agent with 27 years’ experience in that industry; he has worked in the life settlement industry since 1989. Head has been the association’s executive director since 2001 and has worked in the settlement industry since 1991.

“We’re pleased to help regulators and other industry professionals navigate a number of topics, including those of insurable interest and investor-owned life insurance,” Freeman says. “In fact, individually and as an association we have a long-standing, cooperative relationship with the NAIC, and we always look forward to working with them.” Both Freeman and Head have previously testified before the committees of NAIC, other industry organizations, and regulatory and legislative bodies.

Insurable interest is defined variously, but generally refers to a scenario wherein the loss or damage of something would cause a person with ownership interest to suffer a financial loss or certain other kinds of losses. It relates to the settlement industry in that viatical and life settlements bring about a change of ownership in life insurance policies.

The viatical and life settlement industry came into the mainstream in the late 1980s. At that time it focused primarily on viatical settlements – which enable people who are seriously ill to sell their life insurance policies for an immediate cash settlement. Soon, life settlements became another option; these enable seniors to sell their life insurance policies for estate- and financial-planning purposes, rather than for reasons of ill health. Continued

The vast majority of the industry is now focused on these high-net-worth transactions – life settlements – rather than on viatical settlements.

The VLSAA is an Orlando, FL-based non-profit trade association founded in 1994 to serve as a national resource center, providing information about viatical and life settlements. The VLSAA, which currently has 78 member companies, is the industry’s largest and oldest trade and professional organization.

For more information about the VLSAA, please visit the organization’s web site,, or call 407-894-3797.

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  • Photos of Bryan Freeman and Doug Head are available, upon request.
  • To speak with M. Bryan Freeman, the president of the VLSAA board, please contact his information officer, Drew Plant, at 404-634-7102 or
  • To speak with Doug Head, executive director of the VLSAA, please contact him at 407-894-3797 or