Viatical & Life Settlements
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Great West Growth Ordered Out of Florida

On July 3, 2007 Florida's Office of Insurance Regulation issued cease and desist orders to Great West Growth LLC, a company domiciled in Minneapolis, Minnesota.

Great West was accused of violating state statutes that require viatical settlement providers to be licensed. The company is accused of transacting settlements with Florida residents despite having no license.

Great West applied for a license on or about July 6, 2006 but when the department performed a pre-licensure examination of the company, it withdrew its license (February 28, 2007). Florida, unlike many other states, investigates to the best of their ability. By contrast, Texas, California, and many other states accept the application, cash the check, and look the other way. Some states do not require license applications.

Great West describes itself as "a direct purchaser of life settlements" on its two Web sites. Both web sites list states for which they claim to be legally authorized to transact business as a viatical settlements provider. Both claim to be legally authorized by the state of Florida.

http://www.greatwestgrowth.com/states.htm   http://greatwestgrowth.com/states.htm

Great West contracted to do business with Life Equity LLC, a Florida licensed viatical settlement provider, and with brokers LifeOptions LLC, Rumson Capital LP, Welcome Funds Inc., Life Insurance Settlements Inc., and ELA Viatical Services, and illegally transacted business with Florida residents.

These viatical brokers failed to perform their own due diligence. They should have required Great West to provide a copy of their Florida license, before agreeing to transact business with the company.

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