Unique Features Set NY Life Insurance Proposal Apart
June 15, 2009, 12:00 AM EDT
Law360, New York (June 15, 2009, 12:00 AM EDT) -- On March 23, the New York State Insurance Department (the "Department") issued a press release covering its proposed legislation regulating life settlements, which are defined as "financial transactions that occur when individuals sell their life insurance policies for more than the surrender value, but less than the death benefits."
The press release identified the primary purpose of the proposed regulations as the protection of consumers by establishing a transparent marketplace with specific licensing, registration and disclosure requirements in order to provide consumers with the critical information...
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