SEC To Investigate Life Settlement Market

Law360, New York (September 16, 2009, 8:04 PM EDT) -- The U.S. Securities and Exchange Commission reportedly is probing life settlements, a financial product that allows people to cash in on their life insurance policies, often on the eve of their death, by selling it to a third party who becomes the named beneficiary.

SEC spokesman John Nester confirmed Wednesday that Chairwoman Mary Schapiro had formed a multidisciplinary task force assembled from several divisions such as trading and markets, enforcement, and corporation finance to investigate the billion-dollar life settlement market.

The task force was formed in...
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