The Life Insurance Settlement Association has received the go-ahead to pursue a public awareness program for New York consumers who may be considering a sale of their life insurance policies.

LISA, Orlando, Fla., says the New York State Insurance Department approved LISA’s consumer awareness program in accordance with New York’s 2009 Life Settlement Act.

“We welcome the approval and very much appreciated the support the New York Insurance Department provided in developing our public awareness program,” says LISA Executive Director Darwin Bayston. LISA worked with the Insurance Department to provide an efficient and cost-effective alternative for our members to comply with the requirements of the law.

“The program ensures that consumers will receive consistent information,” he adds.

The campaign consists of a web page on LISA’s website (http://www.thevoiceoftheindustry.com/content/68/New-York-Public-Awareness.aspx), an approved consumer brochure that will be provided to New York life insurance policy owners who are considering a life settlement, and an informational brochure for life settlement professionals.

The consumer brochure, which is also available on-line, will be distributed throughout New York through the New York Office of Aging, LISA says.

Information created for and disseminated through the campaign explains life settlements and life settlement transactions; gives policy owners information on detecting and avoiding fraud; and provides consumers with information on how to contact the New York State Insurance Department, LISA says.

–Warren S. Hersch