Guidance for the Filing of Life Settlement Provider Renewal License Applications for the License Renewal Period of July 1, 2011 through June 30, 2013

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The New York State Insurance Department is now accepting applications for renewal licensure from licensed life settlement providers and entities operating, in accordance with Section 21(1) of the Life Settlement Act, as life settlement providers in New York pending approval or disapproval of its application for a license.

Each licensed life settlement provider and entity operating, in accordance with Section 21(1) of the Life Settlement Act, as a life settlement provider in New York pending approval or disapproval of its application for a license must file a renewal application with this Department. Such application, accompanied by a $5,000 renewal fee required pursuant to Section 381.1(c) of Regulation No. 198 (11NYCRR 381), must be received by the Department no later than Friday, August 5, 2011.

Life Settlement Provider Renewal License Application Forms must be submitted in duplicate as follows:

• An application, including all applicable attachments, should be sent to Mr. Eugene T. Murphy, Supervising Insurance Examiner - Life Bureau, New York State Insurance Department, 25 Beaver Street, New York, New York 10004.
  
  
• A duplicate original application including all applicable attachments, and a check in the amount of $5,000 made payable to "Superintendent of Insurance", should be sent to Licensing Services Bureau, New York State Insurance Department, One Commerce Plaza, Albany, NY 12257.

Failure to comply with the August 5, 2011 due date will result in the expiration of the current license for licensed life settlement providers and the inability to continue to operate as a life settlement provider pending approval or disapproval of its license application for those entities operating as such in accordance with Section 21(1) of the Life Settlement Act.

Questions regarding the renewal licensing may be directed to Eugene Murphy at (212) 480-5041.

Updated 10/03/2011