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Guidance for the Filing of Life Settlement Forms In Accordance with Section 21(3) and (4) of the Life Settlements Act, Chapter 499 of the Laws of 2009

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The New York State Insurance Department is now accepting life settlement forms filings by life settlement providers.

In accordance with section 21(3) and (4) of the Life Settlements Act, any person licensed as a viatical settlement company immediately prior to the effective date of the Life Settlements Act or a person lawfully operating as a life settlement provider in this state, that wishes to use or issue life settlement forms in this state on or after the effective date of the Act, must file specimen copies of the contract forms, application forms and the disclosure forms and consumer information booklet required by section 7811(a) and (b) of the Act that it intends to use, with the New York State Insurance Department no later than thirty days prior to the effective date of the Act.

The effective date of the Life Settlements Act is May 18, 2010, with the exception of sections 7810, 7811 and 7815 of the Insurance Law, which became effective on November 19, 2009. For compliance with section 21(3) and (4) of the Act, the forms must be filed in the New York State Insurance Department by no later than April 16, 2010.

Filings being made to comply with section 21(3) and (4) of the Life Settlements Act must comply with the following procedural requirements:

  1. Filings must include a completed Life Settlement Forms Certification
  2. Each form submitted, including the contract form, application form, disclosure forms and consumer information booklet, must contain a unique identifier set forth in the lower left corner of the first page of the form. The identifier may be made up of numbers or letters or a combination of both, for example, LSC - 2010.
  3. The "Re" or caption of the submission letter must identify the filing as a "Life Settlements Act Section 21(3) and (4)" submission.
  4. Filings must be submitted in duplicate, in writing, to: Ms Kathleen Nelligan, Chief Insurance Attorney, New York State Insurance Department, Life Bureau, Suite 1910, One Commerce Plaza, Albany, New York 12257.

Draft model disclosure forms and a draft model consumer information booklet are now on the Insurance Department's website for public outreach. Although these forms are not yet finalized, it is suggested that life settlement providers use these draft model forms for their forms submissions or as guidance in drafting their disclosure forms.

The following draft regulation sections are now on the Insurance Department's website for public outreach: the "Life settlement contract forms filing requirements for life settlement providers" section and the "Disclosure" section. Although these draft regulation sections are not yet finalized, it is suggested that life settlement providers review these sections and use them as guidance when preparing their forms.

  1. The draft life settlement contract forms filing section contains several requirements for life settlement contract forms and life settlement application forms.
  2. The draft Disclosure section contains the minimum requirements for the consumer information booklet. If a life settlement provider does not use the draft model booklet, it is suggested that the life settlement provider use the draft Disclosure section as guidance in preparing its booklet.

The Life Bureau will institute an expedited review and approval process for all filings made to comply with section 21(3) and (4) of the Life Settlements Act. The approval process will begin on May 18, 2010, when the Life Settlements Act becomes effective.

For questions about this guidance, please contact Deborah Kahn, Associate Insurance Attorney, Life Bureau, at (518) 474-4552 or by email: .

Updated 10/03/2011