Life Settlement License

Here is some of the proposed legislation for a New York Life Settlement.

• The disclosure of significant life settlement contract provisions.
• The disclosure of affiliations or contractual arrangements among parties involved in a transaction.
• A complete and accurate description of all offers and counter-offers relating to the sale of the life insurance policy.
• A reconciliation for the policy owner showing the difference between the gross offer for the purchase of the life insurance policy and the net amount to be paid to the owner, including a listing of all fees and compensation to the life settlement broker and others.
• Advising the policyowner that selling a life insurance policy could result in tax consequences and could limit the insured individual’s ability to buy life insurance in the future.

We will update more information when it becomes available.