New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter XV - Life Settlements
Part 381 - Life Settlements
Section 381.1 - License fees and financial accountability requirements for life settlement providers
Current through Register Vol. 46, No. 39, September 25, 2024
(a) The application for a license as a life settlement provider shall be made on such forms and supplements as prescribed by the superintendent and shall be accompanied by a non-refundable fee of $10,000.
(b) The financial accountability of a life settlement provider required in accordance with section 7803 (c)(2)(E) of the Insurance Law, to assure the faithful performance of its obligations to owners and insureds on life settlement contracts subject to article 78 of the Insurance Law, shall be in an amount at least equivalent to $250,000, shall be maintained at all times and may be evidenced in one of the following manners:
(c) The application for the biennial renewal of a life settlement provider license shall be made on such forms and supplements as prescribed by the superintendent and shall be accompanied by a non-refundable fee of $5,000.