Life Insurers: Life Settlement Provider Licensing and Renewal

Life Settlement Provider Licensing and Renewal

• Life Settlement Intermediary Registration and Renewal

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.

Application Forms

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

• Application (PDF)
• Power of Attorney Forms
  • 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 Demonstrations - 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

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

• An application, including all applicable attachments, should be sent by email 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.

Life Settlement Provider License Renewal

License Renewal Period: July 1, 2025 through June 30, 2027

The Department is now accepting applications for renewal licensure from licensed life settlement providers and entities operating, in accordance with Section 21(1) of the Life Settlement Act, as life settlement providers in New York pending approval or disapproval of its application for a license.

Each licensed life settlement provider and entity operating as a life settlement provider in New York pending approval or disapproval of its application for a license must file a renewal application with the Department, accompanied by a $5,000 renewal fee required pursuant to Section 381.1(c) of Regulation No. 198 (11NYCRR 381).

Section 7803(h)(3) of the New York Insurance Law provides that an application for the renewal of a life settlement provider license be filed with the superintendent not less than sixty days prior to the date the license expires. A completed renewal application, accompanied by the renewal fee, should be filed no later than April 30, 2025.

The following documents must be submitted via email as follows to [email protected]:

• Application (PDF)
• Power of Attorney
  • Resolution of Board of Directors
  • Certificate of Designation by Life Settlement Provider
  • Appointment of Superintendent of Financial Services as Attorney
• Biographical Affidavit
• Untrustworthy Commitment
• Plan of Operation Commitment

A duplicate original application including all applicable attachments, and a check in the amount of $5,000 made payable to the Superintendent of Financial Services, should be mailed to

Licensing Services Bureau
New York State Department of Financial Services
One Commerce Plaza, Albany, NY 12257.

Failure to comply with the renewal licensing requirements contained in Section 7803(h)(3) of the New York Insurance Law will result in the expiration of the current license for licensed life settlement providers and the inability to continue to operate as a life settlement provider.