Welcome Funds retains Life Markets Compliance, LLC (LMC) as its third party provider of legal, regulatory and compliance services. It is in conjunction with LMC that we are able to provide these life settlement regulation updates. For more specific information and the New York broker application, please access the link below:

http://www.ins.state.ny.us/lic_ls.htm

New York Broker Applicaton

The State of New York Insurance Department has posted its life settlement broker applications as of late yesterday. Therefore, the thirty (30) day clock appears to have began on May 18, 2010, whereby any person or entity who wishes to continue transacting business in NY uninterrupted must submit their application by conservatively applying before June 16, 2010.

Within the instructions, there is a surprising fee schedule that differs from state to state, depending on the applicant's home state This is a serious departure from the $40 initial fee for individual applicants and for each sub-licensee of an entity (and $40 biennial renewal thereafter) originally contemplated and contained in the Emergency Rules. Life Markets Compliance is reviewing the applications as well as attempting to see what occurred in NY and what authority NY is acting upon to cause such a significant change.

Welcome Funds, Inc ("WFI") and Life Markets Compliance, LLC ("LMC") are providing the above Compliance Alert as a reference only and are not issuing a representation as to its accuracy. The information should not be considered official State material. WFI and LMC both encourage all parties accessing the above information to independently confirm the extent and nature of their own requirements with each applicable Department of Insurance (or equivalent division) and/or State law. WFI and LMC are both not liable for any action or inaction taken due to reliance upon the information above.