§ 7807 — Reporting requirements

§ 7807. Reporting requirements. (a)(1) Every licensed life settlement\nprovider shall file in the office of the superintendent, annually on or\nbefore the first day of March, a statement, to be known as its annual\nstatement, verified by the oath of at least two of its principal\nofficers, showing its condition at the end of the preceding calendar\nyear. The statement shall be in such form and shall contain such other\nmatters as the superintendent shall prescribe. In addition to any other\nrequirements, the annual statement shall specify the total number,\naggregate face amount and life settlement proceeds of policies settled\nduring the immediately preceding calendar year, together with a\nbreakdown of the information by policy issue year. The information shall\nnot include individual transaction data regarding the business of life\nsettlements or information if there is a reasonable basis to believe the\ninformation could be used to identify the owner or the insured.\n (2) Every life settlement provider that willfully fails to file an\nannual statement as required in this section, or willfully fails to\nreply within thirty days to a written inquiry by the superintendent in\nconnection therewith, shall, in addition to other penalties provided by\nthis chapter, be subject, upon due notice and opportunity to be heard,\nto a penalty not to exceed five hundred dollars per day of delay, not to\nexceed fifty thousand dollars in the aggregate, for each such failure.\n