New York Insurance Law Article 78 - LIFE SETTLEMENTS

  • 7801 - Short Title.
    This article shall be known and may be cited as the "life settlements act".
  • 7802 - Definitions.
    In this article: (a) "Accredited investors" shall be as defined in regulation D, rule 501 of the Federal Securities Act of 1933, as amended. (b)...
  • 7803 - License Requirements for Life Settlement Providers.
    (a) No person shall engage in the business of life settlements as a life settlement provider in this state without having authority to do so...
  • 7804 - Registration Requirements for Life Settlement Intermediaries.
    (a) No person shall act as a life settlement intermediary in this state without having authority to do so by virtue of a registration issued...
  • 7805 - License and Registration Revocation.
    (a) The superintendent may suspend, revoke or refuse to renew the license of any life settlement provider or the registration of any life settlement intermediary,...
  • 7806 - Life Settlement Contract Forms.
    (a) No licensed life settlement provider shall enter into a life settlement contract subject to this chapter unless the life settlement contract form, application form,...
  • 7807 - Reporting Requirements.
    (a)(1) Every licensed life settlement provider shall file in the office of the superintendent, annually on or before the first day of March, a statement,...
  • 7808 - Examinations and Investigations.
    7808. Examinations or investigations. The superintendent may make an examination or investigation into the affairs of any life settlement provider, life settlement broker, life settlement...
  • 7809 - Advertising.
    (a) A life settlement provider, life settlement intermediary or life settlement broker licensed pursuant to this article may conduct or participate in advertisements within this...
  • 7810 - Privacy.
    (a) Except as otherwise permitted or required by law, no life settlement provider, life settlement broker, or life settlement intermediary, or any authorized representative thereof,...
  • 7811 - Disclosures to Owners and Insureds.
    (a) The life settlement provider or life settlement broker shall provide the owner with a separate written document conspicuously displaying the information and disclosures required...
  • 7812 - Life Insurance Applications.
    (a) Without limiting the ability of an insurer to assess the insurability of a policy applicant and to determine whether or not to issue the...
  • 7813 - General Rules.
    (a) A life settlement provider entering into a life settlement contract shall first obtain a written consent from the insured to the release of the...
  • 7814 - Prohibited Practices.
    (a) No person shall: (1) enter into a life settlement contract if the person knows or reasonably should have known that the policy was obtained...
  • 7815 - Stranger-Originated Life Insurance.
    (a) In this chapter, "stranger-originated life insurance" means any act, practice or arrangement, at or prior to policy issuance, to initiate or facilitate the issuance...
  • 7816 - Penalties and Civil Remedies.
    (a)(1) If, after notice and hearing, the superintendent determines that any information required by subsection (a) or (c) of section seven thousand eight hundred eleven...
  • 7817 - Authority to Promulgate Regulations.
    The superintendent may promulgate regulations implementing this article.
  • 7818 - Nonconforming Contracts.
    (a) Except as otherwise specifically provided in this chapter, any life settlement contract subject to this chapter that is in violation of any of the...
  • 7819 - Applicability and Choice of Law.
    (a) The provisions of this article shall apply to any life settlement contract made, proposed to be made, or solicited with a resident of this...
  • 7820 - Severability.
    If any clause, sentence, paragraph, section or part of this article shall be adjudged by any court of competent jurisdiction to be invalid and after...

Last modified: February 3, 2019