New York Life Settlement Fees
This is positive news…
Bowing to pressure from the life settlement industry, the New York State Insurance Department has cut the licensing fee it will charge providers from $20,000 to $10,000.
Settlement industry representatives had objected to the $20,000 fee, which was proposed by Insurance Department Superintendent James Wrynn in a draft of emergency regulations to put New York’s new life settlement law into effect. Licensing fees charged by other states generally range from $500 to $1,000.
New York officials lowered the fee in the final version of the emergency regulations published Friday, after hearing complaints from settlement industry representatives.
Licensing fees and biennial fees of $40 for brokers remained the same from the earlier draft proposal.
Source: Regulations
