GWG Life Settlements has received a viatical settlement provider license from the Florida Office of Insurance Regulation, to allow purchase of life insurance policies in the secondary market directly from owners residing in the state.
The license was granted following a complete licensure process, which included an onsite due diligence audit of GWG Life's business operations, practices, and professionals.
GWG chief executive officer Jon Sabes said, "FLOIR is the leading regulatory body in the life insurance secondary market and to obtain a license from Florida speaks to the integrity of GWG and its mission."
Apart from offering greater access to the secondary market, the license will allow the company to purchase policies directly from Florida residents, instead of buying them through other providers.
Further, it will decrease internal costs and increase its capability to work directly with life insurance policy owners through licensed brokers in the state.
GWG Life is a subsidiary of GWG Holdings, which acquires life insurance policies in the secondary market from policy owners who sell their policies at a price greater than the cash surrender value, but less than the face value of the policy's benefit.
