New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter XV - Life Settlements
Part 380 - Viatical Settlements
Section 380.5 - Examinations

(a) The superintendent shall examine the affairs of every viatical settlement company at least once in every five years, but if it is deemed necessary the superintendent may at any time make an examination into the affairs of any company or broker.

(b) The officers, employees or individual licensees of every licensed company and broker shall be responsible for the maintenance of accurate records and books of account in conformance with generally accepted accounting principles and applicable regulations.

(c) Whenever, pursuant to article 78 of the Insurance Law, the superintendent is required or determines it is necessary to examine the affairs of any licensed viatical settlement company, the superintendent shall issue an order indicating the scope of the examination and may appoint as examiners, one or more competent persons not employed by any viatical settlement company. A copy of such order shall, upon demand and before the examination begins, be exhibited to the officers of the company.

(d) Any examiner authorized by the superintendent shall have convenient access at all reasonable hours to the books, records, files, assets, securities and other documents of such company or broker, including those of any affiliated or subsidiary companies thereof, which are relevant to the examination, and shall have power to administer oaths and to examine under oath any officer, employee and any other persons of such company or broker having custody or control of such books, records, files, assets, securities or other documents, regarding any matter relevant to the examination.

(e) The examiner in charge of such examination shall make a report of every examination made, verified under oath, which shall comprise only facts appearing upon the books, records or other documents of such company, or as ascertained from the sworn testimony of its officers, employees or other persons examined concerning its affairs, and such conclusions and recommendations as may reasonably be warranted from such facts.

(f) The expenses of every examination of the affairs of any licensed viatical settlement company or viatical settlement broker shall include any appraisal of an interest in real property and shall be paid by such company or broker.

(g) Such expenses shall include reimbursement for the compensation paid for the services of persons employed or appointed by the superintendent to make such examination or appraisal.

(h) All charges, including necessary traveling and other actual expenses, as audited and paid by the Comptroller to the persons making the examination or appraisal, shall be presented to the company or broker in the form of a copy of the itemized bill as certified and approved by the superintendent or by any deputy superintendent or authorized employee of the Insurance Department.

(i) Upon receiving such certified copy, such company or broker shall pay the amount thereof to the superintendent.