Global'ED 1st in New York ... Again

Online, May 25, 2010 (Newswire.com) - "We're very excited to once again be the first and only provider approved to offer the Life Settlement Broker prelicensing course in New York. We were first in 2007 when the Insurance Department first authorized the use of online courses for its life, accident and health insurance licensing preparation curriculum,' says Michael T LeCornec, the Executive Director for the GlobalED Insurance Institute, and we're first again in 2010 to capitalize on the new life settlement law which went into effect on May 18."

GlobalED is one of the the premier prelicensing organizations in New York State having a current 93% first time passing rate (as measured by PSI Exams, Inc.) for its graduates sitting for the life, accident and health insurance licensing examination. The new life settlement law that went into effect this month replaces the viatical settlement law in New York State.

The life settlement industry has more than quadrupled in size in recent years and now accounts for around $10 billion in revenues, according to some industry analysts. The life settlement industry is one where investors buy life insurance policies from policy owners, make premium payments as they come due, and then collect death benefits when the insured person dies. Controversy has surrounded this practice as it relates to the concept of insurable interest and limited to no insurance department oversight. In 2006 New York filed suit against a major life settlement company for what the state believed to be fraudulent compensation arrangements for life settlement brokers. Brokers are obligated to represent their client and the suit sited that certain commission arrangements violated the broker/client trust.

Now in 2010, New York has instituted life settlement law that governs the practices of life settlement industry. Renewable licenses are now required for all life settlement brokers, providers and intermediaries. "GlobalED Insurance Institute is pleased to offer its educational expertise in promoting industry standards as the only approved prelicensing provider in New York State,' says LeCornec. As an online education provider we can cover the entire state of New York and we are certain that our standards of success in the life, accident and health will translate over to the life settlements arena as well."