Guidance for the Filing of Life Settlement Provider License Applications In Accordance with Section 21(1) of the Life Settlements Act, Chapter 499 of the Laws of 2009
The New York State Department of Financial Services is now accepting applications for licensure by life settlement providers.
In accordance with Section 21(1) of the Life Settlements Act, any person lawfully operating as a life settlement provider in New York with respect to life settlement transactions not heretofore regulated under the insurance law may, with respect to such transactions, continue to do so after the effective date of the Act, pending approval or disapproval of the person's application for a license if the appropriate application is filed with the Superintendent of Insurance not later than 30 days after the Superintendent publishes, on the Department of Financial Services' website, the application form for such licensure, and provided further that such person certifies in the application that such person shall comply with all applicable provisions of the insurance law and regulations thereunder.
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. The application for licensure as a life settlement provider was posted on the New York State Department of Financial Services' website on April 29, 2010. For compliance with Section 21(1) of the Act, a license application, together with all applicable attachments, must be filed with the New York State Department of Financial Services by no later than May 29, 2010.
Life Settlement Provider License Application Forms must be submitted in duplicate as follows:
- An application, including all applicable attachments, should be sent to: Mr. Eugene T. Murphy, Supervising Insurance Examiner - Life Bureau, New York State Department of Financial Services, 25 One State Street, New York, New York 10004.
- A duplicate original application including all applicable attachments, and a check in the amount of $10,000 made payable to "Superintendent of Insurance", should be sent to: Office of General Counsel, New York State Department of Financial Services, One Commerce Plaza, Albany, NY 12257.
Questions regarding the licensing of life settlement providers may be directed to Eugene Murphy at (212) 480-5041.
Applications for the licensing of life settlement brokers and the registration of life settlement intermediaries will be posted as the applications become available.
In accordance with Section 21(2) of the Life Settlement Act, a person licensed as a viatical settlement company or a viatical settlement broker immediately prior to the effective date of the Life Settlement Act may act as a life settlement provider or a life settlement broker after the effective date of the Act, for the duration of the term of the provider or the broker's license, without having to file a new application, including with respect to transactions not heretofore regulated under the New York Insurance Law, provided, however, such company or broker shall thereafter be subject to a renewal of such license as a life settlement provider or life settlement broker and shall be required, with such renewal, to provide evidence to the Superintendent of Insurance that such licensee is in compliance with the licensing requirements set forth in Sections 2102 and 7803 of the New York Insurance Law, for life settlement brokers and life settlement providers, respectively.