The New York Insurance Department issued a draft of emergency rules it’s proposing to implement the state’s new life settlements law. The proposed rules include new fees for providers.
The proposal that would require a provider to pay $20,000 for a license to operate in the state already is drawing the ire of providers who pay $500 for such licenses in other states.
The proposed rules also would require providers to pay $5,000 for biennial renewals. In addition, the draft rules would impose $10,000 licensing fees on intermediaries and $2,500 biennial fees.
Brokers would only be required to pay $40 for initial licensing fees and $40 for biennial fees.
The New York Insurance Department is accepting comments from the public on the draft rules until April 2.
Source: New York Insurance Department