§ 405 — Reports

New York § 405

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 4: Insurance Frauds Prevention

Text

§ 405. Reports. (a) Any person licensed or registered pursuant to the\nprovisions of this chapter, and any person engaged in the business of\ninsurance or life settlement in this state who is exempted from\ncompliance with the licensing requirements of this chapter, including\nthe state insurance fund of this state, who has reason to believe that\nan insurance transaction or life settlement act may be fraudulent, or\nhas knowledge that a fraudulent insurance transaction or fraudulent life\nsettlement act is about to take place, or has taken place shall, within\nthirty days after determination by such person that the transaction\nappears to be fraudulent, send to the superintendent on a form\nprescribed by the superintendent, the information requested by the form\nand such additional information relative to the factual circumstances of\nthe transaction and the parties involved as the superintendent may\nrequire. The superintendent shall accept reports of suspected fraudulent\ninsurance transactions or fraudulent life settlement acts from any self\ninsurer, including but not limited to self insurers providing health\ninsurance coverage or those defined in section fifty of the workers'\ncompensation law, and shall treat such reports as any other received\npursuant to this section.\n (b) The superintendent shall review each report and undertake such\nfurther investigation as the superintendent deems necessary and proper\nto determine the validity of the allegations.\n