New York Insurance Department's Kermitt Brooks Goes to AXA
Posted March 02, 2010 4:51PM PST

A New York Insurance Department official who clashed with the life settlement industry has left the department to become associate general counsel for AXA Equitable Life Insurance Co.

Kermitt Brooks, who took the lead in developing controversial life settlement legislation, will join AXA on April 5, the company said in a statement. He will be responsible for the insurance products practice group in the carrier's legal department.

Brooks tried to push through legislation opposed by the life settlement industry in 2008. The bill he supported wasn't passed by the state Legislature.

Last year, when the New York Insurance Department again put forth its own draft legislation to regulate the settlement market, Brooks was not involved in the last few months of negotiations with the industry. Ultimately, the Legislature passed the department-supported bill in November.

Brooks had been acting superintendent of the Insurance Department, replacing Eric Dinallo who resigned last May. But Brooks was not promoted to the top position on a permanent basis. James Wrynn was appointed to fill the spot in August.

Source: Press Release


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