Title ISC, Insurance

§ 7719. Resolution facility. (a) The corporation may incorporate one\nor more not-for-profit corporations, known as a resolution facility, in\nconnection with the liquidation of an insolvent domestic life insurance\ncompany, health insurance company, or property/casualty insuran…

§ 7720. Penalties. (a) If any member insurer fails to make any payment\nrequired by this article, or if the superintendent has cause to believe\nthat any other statement filed is false or inaccurate in any particular,\nor that any payment made is incorrect, the superintendent ma…

§ 7801. Short title. This article shall be known and may be cited as\nthe "life settlements act".\n

§ 7802. Definitions. In this article:\n (a) "Accredited investors" shall be as defined in regulation D, rule\n501 of the Federal Securities Act of 1933, as amended.\n (b) "Advertisement" means any written, electronic or printed\ncommunication or any communication by means of rec…

§ 7803. License requirements for life settlement providers. (a) No\nperson shall engage in the business of life settlements as a life\nsettlement provider in this state without having authority to do so by\nvirtue of a life settlement provider license issued and in force\npursua…

§ 7804. Registration requirements for life settlement intermediaries.\n(a) No person shall act as a life settlement intermediary in this state\nwithout having authority to do so by virtue of a registration issued and\nin force pursuant to this article.\n (b)(1) The superintenden…

§ 7805. License and registration revocation. (a) The superintendent\nmay suspend, revoke or refuse to renew the license of any life\nsettlement provider or the registration of any life settlement\nintermediary, if, after notice and hearing, the superintendent\ndetermines that th…

§ 7806. Life settlement contract forms. (a) No licensed life\nsettlement provider shall enter into a life settlement contract subject\nto this chapter unless the life settlement contract form, application\nform, and any other form as may be prescribed by regulation, has been\nfi…

§ 7807. Reporting requirements. (a)(1) Every licensed life settlement\nprovider shall file in the office of the superintendent, annually on or\nbefore the first day of March, a statement, to be known as its annual\nstatement, verified by the oath of at least two of its principal…

§ 7808. Examinations or investigations. The superintendent may make an\nexamination or investigation into the affairs of any life settlement\nprovider, life settlement broker, life settlement intermediary,\napplicant for licensure as a life settlement provider or life settlement…

§ 7809. Advertising. (a) A life settlement provider, life settlement\nintermediary or life settlement broker licensed pursuant to this article\nmay conduct or participate in advertisements within this state. The\nadvertisements shall comply with all advertising and marketing law…

§ 7810. Privacy. (a) Except as otherwise permitted or required by law,\nno life settlement provider, life settlement broker, or life settlement\nintermediary, or any authorized representative thereof, insurer,\ninformation bureau, rating agency or company, or any other person wi…

§ 7811. Disclosures to owners and insureds. (a) The life settlement\nprovider or life settlement broker shall provide the owner with a\nseparate written document conspicuously displaying the information and\ndisclosures required by this subsection. The separate document shall be…

§ 7812. Life insurance applications. (a) Without limiting the ability\nof an insurer to assess the insurability of a policy applicant and to\ndetermine whether or not to issue the policy, and in addition to other\nquestions an insurer may lawfully pose to a life insurance applic…

§ 7813. General rules. (a) A life settlement provider entering into a\nlife settlement contract shall first obtain a written consent from the\ninsured to the release of the insured's medical records subject to the\nlimitations contained in section seven thousand eight hundred te…

§ 7814. Prohibited practices. (a) No person shall:\n (1) enter into a life settlement contract if the person knows or\nreasonably should have known that the policy was obtained in a false,\ndeceptive or misleading way;\n (2) engage in any transaction, practice or course of busin…

§ 7815. Stranger-originated life insurance. (a) In this chapter,\n"stranger-originated life insurance" means any act, practice or\narrangement, at or prior to policy issuance, to initiate or facilitate\nthe issuance of a policy for the intended benefit of a person who, at\nthe t…

§ 7816. Penalties and civil remedies. (a)(1) If, after notice and\nhearing, the superintendent determines that any information required by\nsubsection (a) or (c) of section seven thousand eight hundred eleven of\nthis article knowingly was not provided or knowingly was delayed i…

§ 7817. Authority to promulgate regulations. The superintendent may\npromulgate regulations implementing this article.\n

§ 7818. Nonconforming contracts. (a) Except as otherwise specifically\nprovided in this chapter, any life settlement contract subject to this\nchapter that is in violation of any of the provisions of this chapter\nshall be valid and binding upon the life settlement provider, but…

§ 7819. Applicability and choice of law. (a) The provisions of this\narticle shall apply to any life settlement contract made, proposed to be\nmade, or solicited with a resident of this state or any owner physically\nin this state.\n (b)(1) If there is more than one owner on a s…

§ 7820. Severability. If any clause, sentence, paragraph, section or\npart of this article shall be adjudged by any court of competent\njurisdiction to be invalid and after exhaustion of all further judicial\nreview, the judgment shall not affect, impair or invalidate the\nremai…

§ 7901. Scope and purposes. (a) The purposes of this article are to:\n (1) create a legal framework within which service contracts may be\nsold in this state;\n (2) encourage the marketing and developing of more economical and\neffective means of providing services under service…

§ 7902. Definitions. As used in this article:\n (a) "Appliances" may include but are not limited to electrical or\nmechanical appliances sold separately or included with the sale of\nresidential real property such as refrigerators, stoves, ovens, clothes\nwashers and dryers and …

§ 7903. Requirements for doing business. (a) Notwithstanding any other\nprovision of this chapter to the contrary, the marketing, sale, offering\nfor sale, issuance, making, proposing to make and administration of\nservice contracts by any provider, administrator or other person…

§ 7904. Required disclosures; service contract reimbursement insurance\npolicy. Service contract reimbursement insurance policies insuring\nservice contracts issued, sold or offered for sale in this state shall\nstate that, upon failure of the provider to perform under the servi…

§ 7905. Required disclosures; service contract. (a) Service contracts\nmarketed, sold or offered for sale, issued, made, proposed to be made or\nadministered in this state shall be dated and written in clear,\nunderstandable language and the entire service contract shall be prin…

§ 7906. Prohibited acts. (a) A provider shall not use in its name the\nwords insurance, casualty, guaranty, surety, mutual or any other words\ndescriptive of the insurance, casualty, guaranty or surety business, or\na name deceptively similar to the name or description of any in…

§ 7907. Registration of providers. (a) No person shall act as a\nprovider pursuant to this article without having first obtained an\napproval of a registration to do so from the superintendent. The\napplication for approval of registration shall contain the following\ninformatio…

§ 7908. Recordkeeping requirements. (a) Books and records. (1) A\nprovider or its administrator shall keep accurate accounts, books and\nrecords concerning transactions regulated under this article.\n (2) A provider's or its administrator's accounts, books and records\nshall inc…

§ 7909. Termination of service contract reimbursement insurance\npolicy. An insurer that issues a service contract reimbursement\ninsurance policy shall not terminate the policy except in accordance\nwith section three thousand four hundred twenty-six of this chapter and\nupon n…

§ 7910. Enforcement provisions. (a) The superintendent may conduct\ninvestigations or examinations of providers, administrators, insurers or\nother persons to enforce the provisions of this article and protect\nservice contract holders in this state. Upon request of the\nsuperin…

§ 7911. Authority to develop regulations. The superintendent may\npromulgate regulations necessary to effectuate this article.\n

§ 7912. Transition. Providers who have submitted an application for\napproval of registration pursuant to section seven thousand nine hundred\nseven of this article who have been previously engaged in New York\nstate, for not less than two years immediately prior to the effectiv…

§ 7913. Separability provision. If any provision of this article, or\nthe application of any such provision to any person or circumstances,\nshall be held invalid, the remainder of this article, and the\napplication of the provision to any person or circumstances other than\ntho…

§ 8001. Definitions. As used in this article, the following terms\nshall have the following meanings:\n (a) "Adoption date" means the date the board of directors of the\nmutual life insurer adopts the plan of reorganization.\n (b) "Beneficial ownership" with respect to any secur…

§ 8002. Reorganization of mutual life insurer through formation of a\nmutual holding company; contents of plan. (a) A mutual life insurer\nhaving on the adoption date admitted assets of less than ten billion\ndollars may be reorganized as a domestic stock life insurer with a\nmu…

§ 8003. Dividend practices. (a) Following the effective date of the\nplan, the reorganized insurer may, with respect to its participating\nindividual policies and contracts, either:\n (1) continue the dividend practices of the reorganizing insurer;\n (2) continue the dividend pr…

§ 8004. Adoption of plan; submission of plan to the superintendent.\n(a) A mutual life insurer seeking to reorganize under this article\nshall, by action of three-fourths of its entire board of directors,\nadopt a plan consistent with the provisions of sections eight thousand\nt…

§ 8005. Amendment or withdrawal of plan. At any time before the plan\nof reorganization becomes effective as provided in section eight\nthousand nine of this article, the reorganizing insurer may, by\nresolution of a three-fourths majority of its entire board of directors,\namen…

§ 8006. Consultants. The superintendent may appoint one or more\nconsultants as the superintendent shall reasonably deem necessary to\nadvise the superintendent in making the determination whether the\nproposed plan of reorganization meets the applicable requirements of\nthis ar…

§ 8007. Approval of plan by superintendent; hearing. The\nsuperintendent shall order a public hearing on the plan to be held prior\nto the plan being submitted to the policyholders for their approval. The\nreorganizing insurer shall give written notice of the hearing to\npolicyh…

§ 8008. Approval of plan by policyholders. (a) A proposal to approve\nthe plan of reorganization shall be submitted to policyholders for\napproval. The policyholders entitled to notice of and to vote upon the\nproposal shall be the holders of policies or contracts which are in\n…

§ 8009. Filing of plan; effective date of reorganization. (a) When the\nsuperintendent has given his or her approval of the plan of\nreorganization as provided in section eight thousand seven of this\narticle, and certification of approval of the plan by policyholders\nentitled …

§ 8010. Effect of reorganization. Upon the effective date of a plan of\nreorganization in accordance with section eight thousand nine of this\narticle:\n (a) the reorganizing insurer shall immediately become a domestic stock\nlife insurer;\n (b) the members of the reorganizing i…

§ 8011. Corporate existence. (a) The reorganized insurer shall be a\ncontinuation of the reorganizing insurer, and the reorganization shall\nin no way annul, modify or change any of such insurer's existing suits,\nrights, contracts or liabilities except as provided in the approv…

§ 8012. Directors and officers. Except as otherwise provided in the\nplan of reorganization and subject to subsection (d) of section eight\nthousand seventeen of this article, the directors and officers of the\nreorganizing insurer shall serve as directors and officers of the\nr…

§ 8013. Notice of proposed reorganization. (a) In addition to the\nnotices given pursuant to section eight thousand eight of this article,\nthe reorganizing insurer shall give written notice of the pendency of\nthe proposed reorganization and of the effect thereof to all persons…

§ 8014. Failure to give notice. If the reorganizing insurer complies\nsubstantially and in good faith with the requirements of this article\nwith respect to the giving of any required notice to policyholders, its\nfailure in any case to give such notice to any person or persons\…

§ 8015. Limitations of actions; security. (a) Notwithstanding any\nother provision of law to the contrary and except as otherwise provided\nin subsection (c) or (d) of this section, actions concerning or arising\nout of any plan of reorganization, proposed plan of reorganization…