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FINANCIAL SERVICES ACTION ALERT

Staff Contact: Ken Pokalsky
September 8, 2009

Business Council/LICONY/NAIFA/AARP Push Senate to Act on Life Settlement Bill

In a memo redistributed to the Senate and key legislative staff, The Business Council is pushing for the passage of (S.3655-A Breslin/A.7131-A Morelle) at the scheduled September 10th session. The bill provides a comprehensive regulatory framework for the life settlement business including: licensure, disclosure reports, clear compensation guidelines, educational requirements, examinations, defines comprehensive consumer protections and prohibits STOLI transactions for a person with no insurable interest.

Without a confirmed active list of bills, The Council will lobby Senators and key staff on Wednesday and Thursday. Please be advised that according to the NY Daily News, Senator Brian Foley (D-3rd S.D.) will not attend session due to the passing away of his father.