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Guidance for the Filing of Life Settlement Provider Renewal License Applications for the License Renewal Period of July 1, 2013 through June 30, 2015

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The New York State Department of Financial Services is now accepting applications for renewal licensure from licensed life settlement providers and entities operating, in accordance with Section 21(1) of the Life Settlement Act, as life settlement providers in New York pending approval or disapproval of its application for a license.

Each licensed life settlement provider and entity operating, in accordance with Section 21(1) of the Life Settlement Act, as a life settlement provider in New York pending approval or disapproval of its application for a license must file a renewal application with this Department, accompanied by a $5,000 renewal fee required pursuant to Section 381.1(c) of Regulation No. 198 (11NYCRR 381).

Section 7803(h)(3) of the New York Insurance Law provides that an application for the renewal of a life settlement provider license shall be filed with the superintendent not less than sixty days prior to the date the license expires or the applicant may be subject to a further fee for late filing, as prescribed by the Superintendent. Thus, the completed renewal application, accompanied by the renewal fee, should be filed with the Department no later than April 30, 2013.

Life Settlement Provider Renewal License Application Forms must be submitted in duplicate as follows:

Failure to comply with the renewal licensing requirements contained in Section 7803(h)(3) of the New York Insurance Law will result in the expiration of the current license for licensed life settlement providers and the inability to continue to operate as a life settlement provider pending approval or disapproval of its license application for those entities operating as such in accordance with Section 21(1) of the Life Settlement Act.

Questions regarding the renewal licensing may be directed to Eugene Murphy at (212) 480-5041.

Updated 09/11/2013

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