Ohio insurance regulators have at least for now called off an extensive self-audit that was required of life settlement providers and brokers.
Instead, the Ohio Department of Insurance said today it will meet with settlement industry representatives to learn about their objections to the audit before it is reinstated.
“We got a lot of feedback from the industry and we thought there were some valid concerns and we should withdraw and hear from the industry,” said Carly Glick, a spokeswoman for the Ohio department.
The Life Settlements Wire obtained a copy of the self-audit request that was sent to providers Jan. 14. It asked for 91 different pieces of information for each transaction that the providers took part in for the past three years.
Originally, the companies had 30 days to complete the forms, but the department relented after hearing objections and planned to grant two more extensions of 30 days each, according to Barbara Farrington, staff attorney for the department.