NEW YORK STATE
INSURANCE DEPARTMENT

FIRST AMENDMENT TO REGULATION NO. 148
(11 NYCRR 380)

VIATICAL SETTLEMENTS

I, Gregory V. Serio, Superintendent of Insurance of the State of New York, pursuant to the authority granted by Sections 201, 301 and 7807 of the Insurance Law, and Section 108 of Part B of Chapter 436 of the Laws of 1997, do hereby promulgate the following First Amendment to Part 380 of Title 11 of the Official Compilation of Codes, Rules and Regulations of the State of New York (Regulation No. 148), to take effect on January 1, 2004, to read as follows:

(Matter in brackets is deleted; new matter is underlined)

Section 380.6(g)(1) of Part 380 is amended to read as follows:

(1) set forth a prominently displayed notice to read as follows:

"Receipt of payment pursuant to a viatical settlement may affect

eligibility for public assistance programs such as medical assistance (Medicaid), [aid to families with dependent children] the family assistance program, supplementary social security income, and AIDS drug assistance programs and may be taxable. Prior to applying for a viatical settlement, policyowners should consult with the appropriate social services agency concerning how receipt will affect the eligibility of the recipient and the recipient's spouse or dependents, and with a qualified tax advisor.";

I, Gregory V. Serio, Superintendent of Insurance of the State of New York, do hereby certify that the foregoing is the First Amendment to Part 380 of Title 11 of the Official Compilation of Codes, Rules and Regulations of the State of New York (Regulation No. 148), promulgated by me on November 24, 2003, pursuant to the authority granted by Sections 201 and 301of the Insurance Law.

Pursuant to the provisions of the State Administrative Procedure Act, prior notice of the proposed regulation was published in the State Register on September 24, 2003. No other publication or prior notice is required by statute. 

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Gregory V. Serio
Superintendent of Insurance

 

November 24, 2003