NY Ins L § 7804 (2021)
2021 New York Laws ISC - Insurance Article 78 - Life Settlements 7804 - Registration Requirements for Life Settlement Intermediaries.

§  7804. Registration requirements for life settlement intermediaries. (a) No person shall act as a life settlement intermediary in this  state without having authority to do so by virtue of a registration issued and in force pursuant to this article.  (b)(1)  The  superintendent  may  issue a life settlement intermediary registration to any person who:  (A) is deemed by the superintendent to be trustworthy and competent to act as a life settlement intermediary;  (B) is otherwise qualified as required in this article; and  (C) has complied with the prerequisites prescribed in this article.  (2) Every registration issued pursuant to this section shall expire on June thirtieth of odd-numbered years.  (c)(1) Application for a  life  settlement  intermediary  registration shall  be  made  to  the  superintendent  by  the  applicant  on  a form prescribed  by  the  superintendent,  and  the  application   shall   be accompanied by a fee in an amount established by the superintendent.  (2)  The  applicant  for  a  life settlement intermediary registration shall provide:  (A) the state in which the life settlement intermediary  is  domiciled or resident;  (B)   the   principal   place  of  business  of  the  life  settlement intermediary;  (C) all other states in which  the  life  settlement  intermediary  is doing or intends to do business;  (D) a detailed plan of operation; and  (E)  the  identities  of  the  life  settlement intermediary executive officer or officers directly responsible  for  such  business,  and  all stockholders  (except  stockholders owning fewer than ten percent of the voting shares  of  a  life  settlement  intermediary  whose  shares  are publicly  traded),  partners,  officers,  members, directors and persons with a controlling interest. For purposes of this section,  "controlling interest"  means  a  person who directly or indirectly, has the power to cause to be directed the  management,  control  or  activities  of  such registrant.  (d)  Each  life  settlement  intermediary that is required to register pursuant to this section shall also furnish such information as  may  be required by the superintendent to:  (1)  verify  that  the  person or persons qualify as a life settlement intermediary; and  (2) determine compliance with any applicable state law.  (e)(1) As part of the application, the applicant shall submit a  power of  attorney  designating the superintendent as agent for the purpose of receiving service of legal documents or process.  (2) The power of attorney shall include the name and  address  of  the officer,  agent, or other person to whom such legal documents or process shall be forwarded by the superintendent or his or her deputy on  behalf of such life settlement provider.  (3)  Service  of  legal  documents  or  process upon a life settlement provider pursuant to this  subsection  shall  be  made  by  serving  the superintendent,  any  deputy  superintendent or any salaried employee of the department whom the superintendent designates for such purpose  with two  copies  thereof  and  the  payment  of  a fee of forty dollars. The superintendent shall forward a copy of such legal documents  or  process by  registered  or certified mail to the life settlement provider at the address given in its written certificate of registration, and shall keep a record of all legal documents or process so served. Service  of  legal documents or process so made shall be deemed made within the territorial jurisdiction of any court in this state.  (f)  The superintendent may require an applicant for such registration to submit a set of fingerprints. Such fingerprints shall be submitted to the division of criminal justice services for a state  criminal  history record  check,  as  defined in subdivision one of section three thousand thirty-five  of  the  education law, and may be submitted to the federal bureau of investigation for a national criminal  history  record  check. All such criminal history records sent to the superintendent pursuant to this  paragraph shall be confidential pursuant to the applicable federal and state laws, rules and regulations, and shall not be published or  in any  way  disclosed  to  persons  other  than the superintendent, unless otherwise authorized by  law.  The  superintendent  shall  provide  such applicant  with  a  copy  of his or her criminal history record, if any, together with a copy of article twenty-three-A of  the  correction  law, and  inform such applicant of his or her right to seek correction of any incorrect information contained in such record pursuant  to  regulations and procedures established by the division of criminal justice services. All  determinations to grant or deny clearance for registration pursuant to this section shall be  in  accordance  with  subdivision  sixteen  of section  two  hundred  ninety-six  of  the  executive  law  and  article twenty-three-A of the correction law. When the superintendent denies  an application,  written notice of such determination shall be given to the prospective applicant who shall be afforded notice and the right  to  be heard and offer proof in opposition to such determination.  (g)  The  superintendent,  in  the  exercise  of  the superintendent's discretion,  may  refuse  to  issue  a  life   settlement   intermediary registration  in  the  name  of  any  person  if  not satisfied that any officer, employee, stockholder, partner,  director,  member,  agent,  or responsible  person thereof who may materially influence the applicant's conduct meets the standards of this article.  (h) Every registration issued pursuant to this section may be  renewed for  the  ensuing  period  of  twenty-four  months upon the filing of an application in conformity with this section.  (i)(1)  Before  the  renewal  of  any  life  settlement   intermediary registration  shall  be  issued,  an  application  for  renewal  of  the registration shall be made to the superintendent by the applicant  on  a form prescribed by the superintendent and containing such information as the   superintendent   may  prescribe,  and  the  application  shall  be accompanied  by  a  fee  in  an  amount  to  be   established   by   the superintendent.  (2)  If  an application for renewal registration shall have been filed with the superintendent before the expiration of the  registration,  the registration  sought  to  be  renewed  shall  continue in full force and effect either until the issuance by the superintendent  of  the  renewal registration  applied  for  or  until five days after the superintendent shall have refused to issue such renewal  registration  and  shall  have given  notice of such refusal to the applicant. Before refusing to renew any such registration, the superintendent shall notify the applicant  of the  superintendent's intention to do so and shall give such applicant a hearing.  (3) An application for the renewal of a registration  shall  be  filed with  the  superintendent not less than sixty days prior to the date the registration expires or the applicant may be subject to  a  further  fee for late filing, as prescribed by the superintendent.  (j) A life settlement intermediary shall, as to any subsequent changes in  any  of  the  items set forth in paragraph two of subsection (c) and paragraph  one  of  subsection  (d)  of   this   section,   notify   the superintendent in writing within thirty days of any such change.  (k)  Every  individual  applicant  for registration under this section shall be eighteen years of age or older at the time of the  issuance  of such registration.