§ 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.