State RegulationsNY specificDifficulty 1/5
Before transacting life settlement business in New York, a life settlement intermediary must:
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under N.Y. Ins. Law §7804(a), a life settlement intermediary must register with the Superintendent of Financial Services before conducting life settlement business in New York. Registration with the Department of Financial Services is the statutory gateway for intermediary activity, and the other filings do not substitute for it.
Why the other options are wrong
- B) Securities registration is not the prerequisite for life settlement intermediary activity; the controlling requirement is registration with the Superintendent under §7804(a).
- C) Notifying insurers may be an operational step, but the statutory requirement is registration with the Superintendent.
- D) A property and casualty license has no connection to life settlement intermediation.
Memory hook
An intermediary's first stop: register with the Superintendent.