ORLANDO, FL–(Marketwire – November 17, 2009) – The Life Insurance Settlement Association
announced the passage of a new law in New York that establishes
comprehensive regulation of Life Settlements in that state. The new law
introduced at the request of the New York State Insurance Department by
Senator Neil Breslin (S66009) and Assemblyman Joseph Morelle (A40009), is
based on the National Conference of Insurance Legislators (NCOIL) Life
Settlement Model Act.

The New York life settlement act preserves the long-standing right of life
insurance policyowners to sell their policies when they no longer can
afford or otherwise keep them. As New York’s highest court declared more
than 100 years ago, life insurance policyowners may “go to the best market
he can find, either to sell it or borrow money on it.”

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