New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XV - Life Settlements › Part 380 - Viatical Settlements › Section 380.5 - Examinations

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				superintendent shall examine the affairs of every viatical settlement company
				at least once in every five years, but if it is deemed necessary the
				superintendent may at any time make an examination into the affairs of any
				company or broker.
(b) The
				officers, employees or individual licensees of every licensed company and
				broker shall be responsible for the maintenance of accurate records and books
				of account in conformance with generally accepted accounting principles and
				applicable regulations.
(c)
				Whenever, pursuant to article 78 of the Insurance Law, the superintendent is
				required or determines it is necessary to examine the affairs of any licensed
				viatical settlement company, the superintendent shall issue an order indicating
				the scope of the examination and may appoint as examiners, one or more
				competent persons not employed by any viatical settlement company. A copy of
				such order shall, upon demand and before the examination begins, be exhibited
				to the officers of the company.
(d)
				Any examiner authorized by the superintendent shall have convenient access at
				all reasonable hours to the books, records, files, assets, securities and other
				documents of such company or broker, including those of any affiliated or
				subsidiary companies thereof, which are relevant to the examination, and shall
				have power to administer oaths and to examine under oath any officer, employee
				and any other persons of such company or broker having custody or control of
				such books, records, files, assets, securities or other documents, regarding
				any matter relevant to the examination.
(e) The examiner in charge of such
				examination shall make a report of every examination made, verified under oath,
				which shall comprise only facts appearing upon the books, records or other
				documents of such company, or as ascertained from the sworn testimony of its
				officers, employees or other persons examined concerning its affairs, and such
				conclusions and recommendations as may reasonably be warranted from such
				facts.
(f) The expenses of every
				examination of the affairs of any licensed viatical settlement company or
				viatical settlement broker shall include any appraisal of an interest in real
				property and shall be paid by such company or broker.
(g) Such expenses shall include reimbursement
				for the compensation paid for the services of persons employed or appointed by
				the superintendent to make such examination or appraisal.
(h) All charges, including necessary
				traveling and other actual expenses, as audited and paid by the Comptroller to
				the persons making the examination or appraisal, shall be presented to the
				company or broker in the form of a copy of the itemized bill as certified and
				approved by the superintendent or by any deputy superintendent or authorized
				employee of the Insurance Department.
(i) Upon receiving such certified copy, such
				company or broker shall pay the amount thereof to the superintendent.