The New York State Insurance Department has issued the final licensing and registration requirements needed to implement a life settlement law enacted in 2009.
The rules require a life settlement provider working in the state to pay a $10,000 license fee. A life settlement intermediary would pay a $7,500 registration fee.
Those fees were reduced from levels originally proposed by the department, which would have imposed a $20,000 fee for a provider license and a $10,000 fee for an intermediary registration.
The new rules set an annual license fee of $40 for life settlement brokers.