New York Life Settlement License
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We hear that regulation is coming soon to the state of New York. However, on their website now, we see the following license information.
Questions Presented:
1. Must a life insurance agent hold any other insurance license to broker a life settlement, or to offer the policy for sale in an auction?
2. What constitutes a viatical settlement?
Conclusions:
1. No. A licensed insurance agent who facilitates the sale of a life insurance policy that does not come within the definition of a viatical settlement-such transactions commonly called life settlements- does not require any other license.
2. A viatical settlement is defined in N. Y. Ins. Law ยง 7801 (West 2007).
