The Office of General Counsel issued the following informal opinion on November 2, 2001, representing the position of the New York State Insurance Department.
Re: Viatical Settlements
Mr. A, a researcher at University B, would like to be referred to N.Y. statutes concerning viatical settlements.
The primary statutory source in New York for viatical settlements is Article 78 of the N.Y. Ins. Law (McKinney 2000). The Insurance Department's regulation on this topic is N.Y. Comp. Codes R. & Reg. tit. 11 Part 380 (1997) (Regulation 148).
No facts presented.
N.Y. Ins. Law Article 78 (McKinney 2000) was enacted pursuant to the 1993 N.Y. Law 638, whose effective date of August 4, 1993 was delayed until N. Y. Comp. R. & Regs. tit. 11 Part 380 (1997) (Regulation 148) was promulgated effective July 27, 1994. In addition, the Departments web site, www.ins.state.ny.us, contains legal opinions on this issue.
For further information you may contact Associate Attorney Jeffrey A. Stonehill at the New York City Office.