New York State Insurance
Department has licensed the first two life settlements providers,
FairMarket Life Settlements and Magna Life Settlements, under the
state’s new life settlement law, the New York’s Life Settlement
Act. The act came into force in May 2010.
Under the law, licensed life
settlement providers must provide an owner of a policy entering
into a life settlement with a consumer information booklet and
other disclosures providing key information the consumer needs to
make a decision to sell the policy.
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This information must include
the amounts of all offers and counter-offers, as well as the fees
paid to life settlement brokers involved in bringing the policy
owner and life settlement provider together.
29 other entities, which were
doing business in New York legally before the new law took effect
and have met specific requirements under, have been allowed to
continue to operate as life settlement providers pending the
disposition of their license applications.
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