California Life Settlement Regulation Update
Here is an update to the ongoing push for life settlement regulation in the state of California.
Life Settlement Association Disappointed With Gov. Schwarzenegger’s Veto of Life Settlement Legislation
Life Insurance Settlement Association (LISA) Executive Director Doug Head issued the following statement today in the wake of California Governor Arnold Schwarzenegger’s veto of SB 1543 (Sen. Machado).
LISA appreciates the Governor’s commitment to bringing all concerned parties together soon in order to pass revised legislation that regulates life settlements and addresses STOLI. LISA and its member companies remain committed to working with legislators, life insurers and consumer organizations on this legislation in order to secure California consumers’ rights and protect against those who would harm the state’s seniors and violate the state’s insurable interest laws.
LISA would like to extend its gratitude to retiring Senator Mike Machado (D – Linden), the author of the bill, and Assemblyman Joe Coto (D – San Jose). These two legislative leaders and their staffs were vigilant in their efforts to see the strongest life settlement and anti-STOLI law adopted in California.”
More info about bill:
California Life Settlement Legislation
October 29th, 2008 at 8:42 am
[...] Recently, California Gov. Arnold Schwarzenegger vetoed a bill to define and ban STOLI transactions (BestWire, Oct. 2, 2008). S.B. 1543 would have made California the 13th state to approve legislation restricting STOLI (BestWire, Sept. 4, 2008). Read more: California Life Settlement Regulation Update [...]