NY Insurance Head Seeks Life Settlements Regulation

Law360, New York (March 23, 2009, 12:00 AM EDT) -- New York Insurance Superintendent Eric Dinallo is pushing legislation that would regulate the sale of life insurance policies sold for more than the surrender value, but less than the death benefits.

Dinallo said Monday that he had asked the state legislature to regulate the market for so-called life settlements.

“Life settlements can be ripe for abuse. In these times of economic uncertainty, there is strong pressure on people pressed for cash to sell valuable assets, such as life insurance policies,” Dinallo said.

The proposal “protects consumers...
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