The New York State Insurance Department has proposed legislation that would regulate life settlements--"financial transactions that occur when individuals sell their life insurance policies for more than the surrender value, but less than the death benefits." (See News Release cited below). Life Settlements are not currently regulated in New York; however, the proposed bill, introduced to the State Legislature, would change that. For more information, visit: www.ins.state.ny.us/press/2009/p0903231.htm or see the attached News Release.

Citing the recent bailout of AIG, Senator Richard Shelby (R-AL), the highest ranking Republican on the Senate Banking Committee, last week indicated that the insurance industry must be part of any comprehensive overhaul of the federal regulations dealing with the state of the current financial system. Click here for more information.