Illinois investors to the risk of fraud, lack of regulation in viatical industry
Desperate to help retirees a letter to the Illinois Orland Park Public Prosecutions office in the last year. It has invested $ 25000 savings for retirement in 1998 with a company in the suburbs, it projects could win 28 percent within two years by an unusual transaction.
He had his money in viaticals - the purchase of another advantage for the insurance of a fraction of what it would pay at any given time. If the insured dies, the investor collects all the money.
Six years after investment, 69 years, ex-seller had yet received a penny.
After the progress of retirees mixed in his letter of offices, a reaction has come close to the insurance section offers some advice: “If you want to follow the matter further, we can only advise you to contact a lawyer. ”
The letter was a reminder that this corner of the financial world, while growing rapidly, remains largely unregulated. There is little supervision, no government office call for help, no regular surveillance operations. In fact, Illinois law does focuses on the rights of those who put their money in viaticals.
Investors can Viatical a beautiful victory, but too often companies are not as simple or lucrative, and the industry has been marred by more than 100 investigations and accusations of fraud.
Although some jurisdictions have corral aggressive industry, Illinois’ system Lax remains the podium, after verification of thousands of court files and analysis of regulatory measures for the nation.
In New York, for example, the Public Accounts fans across the country to check the balance sheets of viatical companies. But Illinois does not regularly visits.
Florida warrants of annual accounts and detailed financial reports of dozens of pages. Illinois vague and needs only aggregated data with an average of less than four pages.
The CA is the turnover with brokers to save the state in order how viaticals markets. Illinois has no registration for brokers.
Prohibited and businesses in other countries have been well received by the regulatory authorities Illinois. A suburb of Chicago, Robin Hood Group Inc. operates here, despite the banning of three other countries because its sales force selling or bad marketing practices.
Surveillance services of Illinois is inconsistent and uneven implementation, in part because État’s Department of Insurance and Securities Department of viaticals approach in different ways.
“Our priority is to ensure that the insured is protected,” said Deirdre K. Manna, Director Office of the Illinois Department of Insurance. “It is our goal and I think we have a good job, to ensure that this person is protected.
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