Life Settlement Investments Bonded by Provident Capital Indemnity, Ltd.
The Texas Department of Insurance cautions consumers that the public is being offered investments in life settlements bonded wholly or in part by Provident Capital Indemnity, Ltd. of Costa Rica. The bonds are included with the investor agreement to purportedly provide a guarantee to the investor in the event the insured lives longer than the projected life expectancy.
Provident Capital Indemnity has never held a certificate of authority to act as an insurer or surety in Texas nor has Provident Capital Indemnity ever been qualified as an eligible surplus lines insurer in Texas.
On November 6, 2006, TDI issued an Emergency Cease and Desist Order against Provident Capital Indemnity for engaging in the unauthorized business of insurance by collecting payments for and issuing bonds insuring risks in Texas. A link to the TDI order is listed below.
Also listed below is a link to Emergency Cease and Desist Order issued against Provident Capital Indemnity by Commissioner Denise Voight Crawford of the Texas Securities Board on January 17, 2008.
Texas State Securities Board News Release:
- State Warns of Unregistered Bonded Life Settlement Offers (November 6, 2008)
For more information contact:
Last updated: 12/22/2011
