New York Renews Life Settlement Licensing Regs

In addition to paying licensing and renewal fees, a provider must show that its assets exceed its liabilities by $250,000, or else it must place a surety bond or securities with a value of at least $250,000 in trust with the state insurance superintendent.

The emergency regulations implement a law adopted in 2009.

The New York department began using the emergency process to promulgate the regulations in April 2010, and it proposed a permanent version of the regulations in February.

If the New York department failed to keep the emergency regulations in effect while waiting for approval for the permanent regulations, life settlement providers and intermediaries could continue to operate without being registered with the superintendent, and individuals and companies that wanted to do business as providers or intermediaries in New York could not enter the market, officials say

Other New York state life settlement regulation coverage from National Underwriter Life & Health:

• New York Department Sides with Life Settlement Company
• New York Rules on Life Settlement Boiler-Plate Disclosures
• New York Okays LISA s Consumer Awareness Program
• New York Applies New Life Settlement LawsState Regs May Force Some Settlement Firms Out of Business