New York lawmakers likely will introduce a revised version of a life settlement regulation bill that failed to become law in 2008.
Kermitt Brooks, first deputy superintendent at the New York State Insurance Department, gave that assessment here Tuesday here at the Life Settlement Summit .
The bill died in 2008 in part because some lawmakers thought the bill privacy provisions were too weak to protect individuals who want to sell their life insurance policies to investors, Brooks said.
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Others wanted to improve the clarity of the disclosures going to investors, Brooks said at the summit.
The summit was sponsored by Summit Business Media L.L.C., New York, the parent company of National Underwriter.
The 2008 bill was “neither fish nor fowl,” in that it did not closely follow either of two model life settlement laws have been advanced by organizations representing state insurance officials, Brooks said.
Model laws have been proposed by the National Association of Insurance Commissioners, Kansas City, Mo., and the National Conference of Insurance Legislators, Troy, N.Y.