State RegulationsNY specificDifficulty 1/5
In addition to being licensed, what must a person do before acting as an intermediary in New York life settlement transactions?
Select an option to reveal the answer and the full 3-part explanation — free, no signup.
Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under N.Y. Ins. Law §7804(a), a person may not act as an intermediary in life settlement transactions unless registered with the Superintendent of Financial Services, and §7804(b)(2) governs the registration's requirements. Registration is what authorizes the go-between role connecting owners and providers — a status separate and distinct from the provider's own license to purchase policies.
Why the other options are wrong
- A) The insurer's consent to a settlement is not the trigger; registration with the Superintendent is what authorizes the intermediary to act.
- B) A provider license authorizes purchasing policies; an intermediary who facilitates the transaction registers instead.
- C) Examiner appointments are Department staff roles, not a market authorization to intermediate settlements.
Memory hook
Licensed AND registered: intermediaries clear the §7804 registration bar with the Superintendent.