N.Y. Comp. Codes R. & Regs. tit. 11 § 380.2

Current through Register Vol. 46, No. 53, December 31, 2024

Section 380.2 - Applicability

(a) This Part shall apply to any individual, partnership, corporation or other entity, except as exempted by article 78 of the Insurance Law, making or proposing to make a contract of viatical settlement, including but not limited to discussing, negotiating, signing or doing any act in this State in furtherance of making or proposing to make a contract of viatical settlement. This Part shall also apply to any act of solicitation or advertising by mail, telephone or any other method of presenting, distributing, issuing, circulating or permitting to be issued or circulated any information or material in this State for the purpose of making a contract of viatical settlement.

(b) No such individual or entity may do any such act or transaction without first having obtained a license from the superintendent in accordance with section 7802 of the Insurance Law and this Part.

(c) Each individual or entity who has filed an application for a license as a viatical settlement company or a viatical settlement broker prior to or within 90 days after the date the Superintendent of Insurance has promulgated regulations regarding licensing or by July 30, 1994, whichever date is earlier, may act as a viatical settlement company or viatical settlement broker without a license issued pursuant to this section until the superintendent has made a final determination on the application for such license filed by such individual or entity.

(d) Each such individual or entity who has filed, together with an application for a license filed pursuant to subdivision (c) of this section, specimen copies of the viatical settlement agreement forms, application forms, information booklet and proposal form which they intend to use, in accordance with the requirements of section 380.6 of this Part, may continue to use such unapproved forms until the superintendent has made a final determination on the application for such license.

(e) Each viatical settlement company or broker which has obtained a license pursuant to subdivision (c) of this section and which has filed copies of the viatical settlement agreement forms, application forms, information booklet and proposal form in accordance with subdivision (d) of this section, may continue to use such unapproved forms for 60 days from the date of the issuance of such license or until such forms are approved by the superintendent in accordance with section 380.6 of this Part, whichever date is earlier.

(f) This Part shall apply to insurers in order to facilitate the completion of a viatical settlement of a life insurance policy or certificate.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 380.2