New York Life Settlement Law

Proposed New York Life Settlement Law

Senate Bill 5476 materially strengthens the protections contained in the NAIC model by making it illegal for trusts, corporations or charities to sell policies during the 2-year contestability period; it prohibits policies from being moved out of the state to avoid the strict regulation of the New York settlement law. In fact, the bill goes significantly beyond the law of any other state by eliminating nine exceptions to the prohibitions found in the NAIC model. Most importantly, the bill gives the New York Insurance Superintendent broad investigative and enforcement authority over those engaged in these activities.

When this legislation becomes law, seniors in New York will be protected by the strongest and most comprehensive life settlement law in the country.

Source: PRNews Wire

Call 1-888-973-8377 to speak with a Life Settlement Specialist.