On November 3, 2008, the New York Insurance Department (“NYID”) issued a press release (“Release”) announcing that it will begin conducting public hearings on life settlements starting on Thursday, November 6 in Long Island. Subsequent hearings will be held in New York City, Albany and Rochester. According to the Release, "[t]he life settlement business is estimated nationwide to be a $15 billion a year business and growing." The purpose of the hearings is to gather citizen input which will be used to develop a bill addressing this growing business, which the NYID plans to introduce to the Legislature in 2009.