N.Y. Insurance Law § 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.