The New York State Insurance Department has used an emergency adoption process to keep the state’s life settlement provider and intermediary licensing program in place.
The New York department filed the life settlement licensing regulations with the New York secretary of state July 8, and the regulations are set to appear in the State Register July 27.
The regulations sets the initial licensing fees at $10,000 for life settlement providers and at $7,500 for intermediaries, and the renewal fees at $5,000 for providers and $2,500 for intermediaries.
Renewal fees are due every 2 years.
Life settlement brokers must pay a $40 annual licensing fee.