Life Settlement Provider License Applications

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 Financial Services not later than 30 days after the Superintendent published 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 was May 18, 2010, with the exception of Sections 7810, 7811 and 7815 of the Insurance Law, which became effective on November 19, 2009.

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 Financial Services 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.

Application Forms

Unless noted otherwise, the forms available below are in Word format.

• Application (PDF)
• Power of Attorney (3 forms in this set)
  • Resolution of Board of Directors
  • Certificate of designation by life settlement provider
  • Appointment of Superintendent of Financial Services as Attorney
• Biographical Affidavit (PDF)
• Untrustworthy Commitment
• Plan of Operation Commitment
• Experience Demonstration - Filing Notes Added on LSP-Exp1 and LSP-Exp3
  • Policies Settled and Paid During Calendar Year 2018 Where Insureds Death Did Not Occur Prior to December 31, 2018 or Insureds Death is Unknown - LSP-Exp1
  • Development of Life Settlements Paid and Revenues Received from Matured Insurance Policies - LSP-Exp2
  • Paid Life Settlements Where Insured's Death Occurred During Calendar Year 2018 - LSP-Exp3
• Escrow Agreement

Application Submission

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.

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

• An application, including all applicable attachments, should be sent to: [email protected].
• A duplicate original application including all applicable attachments, and a check in the amount of $10,000 made payable to "Superintendent of Financial Services" should be sent to: Office of General Counsel, New York State Department of Financial Services, One Commerce Plaza, Albany, NY 12257.

Questions?

Questions regarding the licensing of life settlement providers may be directed to [email protected].