Life Settlement Assc. angered with Schwarzenegger

Thursday, October 02, 2008

ORLANDO, FL, Oct 01, 2008 -- Life Insurance Settlement Association (LISA) Executive Director Doug Head issued the following statement today in the wake of California Governor Arnold Schwarzenegger's veto of SB 1543 (Sen. Machado).

Statement of Doug Head, L.I.S.A. Executive Director:
"Senate Bill 1543, based on model legislation developed by the National Conference of Insurance Legislators, would have provided a strong regulatory framework for the growing life insurance settlement industry in California starting in January 2009. The bill was recently passed by the California Legislature with the near unanimous consent of each chamber and was supported by nearly every life insurance and life settlement company and their respective trade associations, as well as several consumer groups, including the AARP.

L.I.S.A. believes that Senate Bill 1543 was outstanding legislation that protected....


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