2023 New York Laws › ISC - Insurance › Article 78 - Life Settlements › 7816 - Penalties and Civil Remedies.

§  7816.  Penalties  and  civil  remedies. (a)(1) If, after notice and
hearing, the superintendent determines that any information required  by
subsection  (a) or (c) of section seven thousand eight hundred eleven of
this article knowingly was not provided  or  knowingly  was  delayed  in
being  provided  by the life settlement broker to the material detriment
of the owner, then the superintendent, in addition to any other  penalty
prescribed  by law, may require the life settlement broker to pay to the
people of this state an amount not to exceed  the  compensation  due  or
provided to the life settlement broker.
(2)  If,  after notice and hearing, the superintendent determines that
any information required by subsection (a)  of  section  seven  thousand
eight  hundred  eleven  of  this  article  knowingly was not provided or
knowingly was delayed in being provided by the life settlement  provider
to  the  material  detriment  of  the owner, then the superintendent, in
addition to any other penalty prescribed by law, may  require  the  life
settlement  provider to pay to the people of this state an amount not to
exceed forty-five thousand dollars.
(b) If, after notice and hearing, the  superintendent  determines  any
person knowingly violated subsection (c) of section seven thousand eight
hundred fifteen of this article, then the superintendent, in addition to
any  other  penalty  prescribed by law, may require the person to pay to
the people of this state an amount not to exceed  one  hundred  thousand
dollars.
(c)  If,  after notice and hearing, the superintendent determines that
any person knowingly violated section seven thousand eight  hundred  ten
of  this  article,  then  the  superintendent,  in addition to any other
penalty prescribed by law, may require the person to pay the insured  or
owner an amount not to exceed twenty thousand dollars.
(d)(1)  If,  after  notice  and hearing, the superintendent determines
that any person knowingly and  willfully  acted  as  a  life  settlement
provider  without  a  license  in violation of subsection (a) of section
seven  thousand  eight  hundred  three  of  this   article,   then   the
superintendent  may impose a civil penalty payable to the people of this
state not to exceed one hundred thousand dollars for each policy settled
in violation thereof.
(2) If, after notice and hearing, the superintendent  determines  that
any  person  knowingly  and  willfully acted as a life settlement broker
without a license in violation of subsection (a) of section two thousand
one hundred thirty-seven of this chapter, then  the  superintendent  may
impose a civil penalty payable to the people of this state not to exceed
fifty thousand dollars for each policy settled in violation thereof.
(3)  If,  after notice and hearing, the superintendent determines that
any  person  knowingly  and  willfully  acted  as  a   life   settlement
intermediary  without  a  registration in violation of subsection (a) of
section seven thousand eight hundred four  of  this  article,  then  the
superintendent  may impose a civil penalty payable to the people of this
state not to exceed fifty thousand dollars for each transaction.
(e) Any person who has been  injured  by  reason  of  a  violation  of
subsection  (a),  (b)  or  (c)  of  this  section may bring an action to
recover damages suffered by reason of  such  violation.  In  any  action
brought  under  this  section, the court may award reasonable attorney's
fees to a prevailing plaintiff.
(f) Nothing provided in this  article  shall  limit  or  restrict  any
common law, contractual or other right of action.