Good news that regulation may become sooner than expected in the state of New York.
The company department proposed life settlement regulation in a bill introduced to the New York state legislature. Life settlements are presently not regulated in New York.
A New York regulator Eric Dinallo stated this week that he planned to propose a legislation to create oversight for the life settlement industry.
He said the bill will be a step forward in the insurance sector: “This bill protects consumers by establishing a transparent marketplace with specific licensing, registration and disclosure requirements.”
More info can be found at Life Settlement License:
Looks like NY will have regulation in the future
