ABOUT CALSA

The California Life Settlement Association (CALSA) is a trade association formed in 2005 to advance and protect the interests of the Life Settlement Industry in California.

The industry is growing rapidly, and CALSA is a reflection of the need to remain vigilant, and where appropriate, pro-active, as changes and opportunities occur in the industry that affect or may benefit life settlement transactions in California. In these efforts, CALSA acts in a manner complimentary to national organizations such as LISA and LIFA by focusing on the issues specific to California.

CALSA is incorporated under the California Nonprofit Mutual Benefit Corporation law.

For more information, contact Bob Asselstine at (650) 591-6100

BACKGROUND ON CALSA’S ACTIVITIES

In 2005, during the latter part of California’s legislative session, a bill, AB243, started to move. This bill, which would have created a licensing structure for the life settlement industry and imposed various other requirements on life settlement transactions, had not been well thought out and would have been extremely unfavorable to the industry. Fortunately this measure ultimately died in a legislative committee.

The lessons of AB243 are clear:

• The industry needs to remain vigilant in California and CALSA and its membership will have ongoing challenges and opportunities on both the legislative and administrative levels.

• The insurance industry will attempt at both the state and federal levels to limit the life settlement industry.

As AB243 stalled, the Department of Insurance issued proposed regulations for viatical transactions which would, in their initial form, have had a negative impact on many life settlements. CALSA was instrumental in organizing an industry meeting with DOI officials to discuss the regulations and particularly their scope.