N.Y. Insurance Law § 7807: Reporting requirements

§ 7807. Reporting requirements. (a)(1) Every licensed life settlement

provider shall file in the office of the superintendent, annually on or

before the first day of March, a statement, to be known as its annual

statement, verified by the oath of at least two of its principal

officers, showing its condition at the end of the preceding calendar

year. The statement shall be in such form and shall contain such other

matters as the superintendent shall prescribe. In addition to any other

requirements, the annual statement shall specify the total number,

aggregate face amount and life settlement proceeds of policies settled

during the immediately preceding calendar year, together with a

breakdown of the information by policy issue year. The information shall

not include individual transaction data regarding the business of life

settlements or information if there is a reasonable basis to believe the

information could be used to identify the owner or the insured.

(2) Every life settlement provider that willfully fails to file an

annual statement as required in this section, or willfully fails to

reply within thirty days to a written inquiry by the superintendent in

connection therewith, shall, in addition to other penalties provided by

this chapter, be subject, upon due notice and opportunity to be heard,

to a penalty not to exceed five hundred dollars per day of delay, not to

exceed fifty thousand dollars in the aggregate, for each such failure.