Comments on: Official says Coventry First ‘illustrates challenges’ in life settlements http://ifawebnews.com/2009/05/06/official-says-coventry-first-%e2%80%98illustrates-challenges%e2%80%99-in-life-settlements/ The nation’s homepage for insurance industry news Wed, 23 May 2012 21:02:35 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Andrew Botthttp://ifawebnews.com/2009/05/06/official-says-coventry-first-%e2%80%98illustrates-challenges%e2%80%99-in-life-settlements/comment-page-1/#comment-66 Andrew Bott Wed, 06 May 2009 21:05:48 +0000 http://ifamedia.com/news/?p=1615#comment-66 Mary Beth Senkewicz misrepresented the Coventry First issue in front of the senate hearing. The 1.5 million dollars Coventry paid to OIR was for the cost of the investigation, which is required by law. It was not a fine. The OIR did not collect any fines in 2008. What is at issue is not Conventry’s Florida clients. What is at issue is the OIR authority, or lack there of, to look at client files from states other than florida. Conventry’s argument is such an action would make client information public record and be in direct violation of privacy laws in other states, such as New York. Mary Beth also said that the Life Settlement Industry cost the state enormous amounts of money. What she did not mention, the tax payer does pay for these investigations, the licensee pays for it. So it is a red herring argument. Most importantly, Mary Beth essentially accused the life settlement industry of being bad guys because they follow the law and take her to court every time she breaks the law. She also said she has a problem with the law in the first place, and congress should make a law that would “get the states in line.” Sorry Mary Beth, this is America, everyone follows the law, including the government whether you agree with it or not. See Mary Beth’s response on Youtube.http://www.youtube.com/watch?v=_FKuVh2wCWQ Mary Beth Senkewicz misrepresented the Coventry First issue in front of the senate hearing.
The 1.5 million dollars Coventry paid to OIR was for the cost of the investigation, which is required by law. It was not a fine. The OIR did not collect any fines in 2008.
What is at issue is not Conventry’s Florida clients. What is at issue is the OIR authority, or lack there of, to look at client files from states other than florida.
Conventry’s argument is such an action would make client information public record and be in direct violation of privacy laws in other states, such as New York.
Mary Beth also said that the Life Settlement Industry cost the state enormous amounts of money. What she did not mention, the tax payer does pay for these investigations, the licensee pays for it. So it is a red herring argument.
Most importantly, Mary Beth essentially accused the life settlement industry of being bad guys because they follow the law and take her to court every time she breaks the law. She also said she has a problem with the law in the first place, and congress should make a law that would “get the states in line.”
Sorry Mary Beth, this is America, everyone follows the law, including the government whether you agree with it or not.
See Mary Beth’s response on Youtube.

http://www.youtube.com/watch?v=_FKuVh2wCWQ

]]>