In order to maintain the ability to operate in New York state under grandfather provisions, all life settlement providers were required to file transaction document forms by the end of last week. While the licensing requirements do not go into effect until next month, the state required that all transaction forms be filled with the state ahead of time. Life settlement providers are awaiting the release of the application form, which is expected shortly. 2010 will be an active year on the regulatory front as three other states – California, Illinois, and Rhode Island – implement legislation to regulate life settlements that were passed last year.
