Co-Founder of Long Island Firm Elected to LISA Board
(Financial Advisor, June 2007)

Russel Dorsett, CLU, co-founder of Select Life Settlement Corporation, Northport, Long Island, was the only broker representative elected a director of the Life Insurance Settlement Association (LISA) in contested balloting last month.

LISA is the trade association for the growing life settlement industry. A life settlement is the sale of an unwanted or unneeded life insurance policy to a third party for more than its cash surrender value but less than its death benefit.

The industry has been embroiled in recent controversy stemming largely from its inaccurate linkage to so-called "stranger-owned life insurance" (SOLI), which involves creating a life insurance policy for the sole purpose of selling it within a short period. LISA members disassociate themselves from this practice.

"The industry is currently facing significant challenges on a number of fronts and LISA's role as (its voice) has never been more important," Dorsett said.

The new director has a varied background, having been both an agaent and a senior executive and/or board member of AIG, Bankers Life and Casualty of New York, Great Southern, Philadelphia Life and Southwestern Life.

He co-founded Select Life Settlement Corporation with Steve Shorrock in 2005. Prior to that, he was a consultant on the emerging secondary market for life insurance policies.