Some technology firms that support life insurance settlement businesses in New York state might have to register with the state insurance department, New York officials say.
The New York State Insurance Department Office of General Counsel (OGC) has published that conclusion in an opinion interpreting a new state law that sets rules for providers, producers and others in the life settlement industry.
The law, which took effect May 18, defines a "life settlement intermediary" as "a person who maintains an electronic or other facility or system, for the disclosure, through a forum of offers and counteroffers, to sell or purchase a policy pursuant to a life settlement contract; and delivers to: (1) a life settlement provider an offer from a life settlement broker or owner to sell a policy; or (2) an owner or life settlement broker an offer from a life settlement provider to purchase a policy."
