Great West Growth LLC must stop operating as a viatical settlement provider in Florida according to a cease and desist order from the insurance commissioner.

The Office of Insurance Regulation charged that Minneapolis-based Great West Growth has been transacting business without a license as required by Florida's Viatical Settlement Act. Evidence shows Great West Growth solicited, negotiated and processed numerous viatical settlement contracts involving life insurance policies owned by Florida residents, a release said.

Viatical settlement providers buy life insurance policies from policyholders for a percentage of the face value. The viatical settlement provider then resells an interest in those policies to investors.

"All Florida businesses and consumers should determine whether the company they are doing business with is authorized to operate in Florida," said Kevin McCarty, insurance commissioner, in a release.

Prior to any transaction, consumers should call the Department of Financial Services consumer helpline at (800) 342-2762 or visit www.fldfs.com to be sure a viatical company is authorized to do business in Florida.

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