N.Y. Insurance Law § 7806: Life settlement contract forms

§ 7806. Life settlement contract forms. (a) No licensed life

settlement provider shall enter into a life settlement contract subject

to this chapter unless the life settlement contract form, application

form, and any other form as may be prescribed by regulation, has been

filed with and approved by the superintendent. The superintendent may

disapprove any such form if the superintendent finds the form or any

provisions contained therein to be unreasonable, contrary to law or the

interests of the people of this state, or otherwise misleading or

unfair.

(b) Whenever, by the provisions of this chapter, the superintendent

has approved any life settlement contract form, application form, or any

other form, the superintendent may, after notice and hearing given to

the life settlement provider that submitted the form for approval,

withdraw an approval previously given if:

(1) the use of the form is contrary to the requirements applicable to

the form at the time of such withdrawal, or

(2) it contains provisions that are unjust, unfair or inequitable.

Any withdrawal of approval shall be effective at the expiration of

such period, at least ninety days after the giving of notice of

withdrawal or as the superintendent shall in such notice prescribe.