N.Y. Seeks Comment On Settlement Rules

The New York State Insurance Department is asking for comments on proposed life settlement sector licensing and registration requirements.

The proposed rules would require a life settlement provider to pay a $20,000 license fee, and it would require a life settlement intermediary operating in the state to pay a $10,000 registration fee.

The rules would set an annual license fee of $40 for life settlement brokers.

Providers would be subject to $5,000 in license renewal fees every 2 years; intermediaries would pay a $2,500 renewal fee every 2 years.