Shepherds has temporarily closed its traded life policy fund after a group from which it buys polici...
Shepherds has temporarily closed its traded life policy fund after a group from which it buys policies had its operations suspended by the US authorities. The Isle of Man-based fund was suspended last week after the Office of Insurance Regulation in Florida served a cease and desist order on Mutual Benefits Corporation (MBC), which buys life insurance policies from the elderly and terminally ill. MBC arranges so-called 'viatical settlements', where individuals, known as viators, arrange to sell their life insurance. MBC then has responsibility to maintain payments until the viator dies...
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