Assembly Bill A40009

Signed By Governor
2009-2010 Legislative Session

Relates to the licensure of life settlement brokers; creates certain crimes relating to life settlement fraud; relates to premium finance agreement; repealer

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S66009 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-A40009 (ACTIVE) - Details

See Senate Version of this Bill:
S66009
Law Section:
Insurance Law
Laws Affected:
Rpld & add Art 78 §§7801 - 7820, amd Ins L, generally; add §§176.40, 176.45, 176.50, 176.55, 176, 60, 176.65 & 176.70, Pen L; amd §570, Bank L

2009-A40009 (ACTIVE) - Summary

Relates to the licensure of life settlement brokers and life settlement providers; creates certain crimes relating to life settlement fraud; relates to premium finance agreements.

2009-A40009 (ACTIVE) - Sponsor Memo

2009-A40009 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

    S. 9                                                        A. 9

                     Twentieth Extraordinary Session

                      S E N A T E - A S S E M B L Y

                            November 16, 2009
                               ___________

IN  SENATE -- Introduced by Sen. BRESLIN -- (at request of the Governor)
  -- read twice and ordered printed, and when printed to be committed to
  the Committee on Rules

IN ASSEMBLY -- Introduced by COMMITTEE ON RULES -- (at request of M.  of
  A.  Morelle, Spano, Weprin, Robinson, Fields, Destito, Hayes, Latimer,
  John) -- (at request of the Governor) -- read once and referred to the
  Committee on Insurance

AN ACT to amend the insurance law, in relation to the licensure of  life
  settlement  brokers  and life settlement providers; to amend the penal
  law, in relation to life settlement fraud; to amend the  banking  law,
  in relation to premium finance agreements; and to repeal article 78 of
  the insurance law relating to viatical settlements

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subsection (a) of section 308  of  the  insurance  law,  as
amended  by  chapter  11  of  the  laws  of  2008, is amended to read as
follows:
  (a) (1) The superintendent may also address to any health  maintenance
organization,  LIFE SETTLEMENT PROVIDER, LIFE SETTLEMENT INTERMEDIARY OR
ITS OFFICERS, OR any authorized insurer or rate service organization, or
officers thereof, any inquiry in relation to its transactions or  condi-
tion  or  any matter connected therewith. Every corporation or person so
addressed shall reply in writing to such inquiry promptly and  truthful-
ly,  and  such  reply  shall  be,  if  required  by  the superintendent,
subscribed by such individual, or by  such  officer  or  officers  of  a
corporation, as [he] THE SUPERINTENDENT shall designate, and affirmed by
them as true under the penalties of perjury.
  (2)  In  the  event  any corporation or person does not provide a good
faith response to an inquiry from the superintendent  pursuant  to  this
section  relating  to accident insurance, health insurance, accident and

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD12154-03-9
              

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