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