2013 New York Consolidated Laws
ISC - Insurance
Article 78 - (7801 - 7820) LIFE SETTLEMENTS
7810 - Privacy.

 
    § 7810. Privacy. (a) Except as otherwise permitted or required by law,
  no  life settlement provider, life settlement broker, or life settlement
  intermediary,  or  any  authorized  representative   thereof,   insurer,
  information  bureau,  rating agency or company, or any other person with
  actual knowledge of an insured or owner's identity, shall  disclose  the
  identity  of  the  insured  or owner, or any information that there is a
  reasonable basis to believe could be used to  identify  the  insured  or
  owner,  or the insured's financial or medical information, to any person
  unless the disclosure is:
    (1) necessary to effect a life settlement contract between  the  owner
  and  a  life settlement provider and the owner and insured have provided
  prior written consent to the disclosure;
    (2) necessary to effectuate the sale or transfer of a life  settlement
  contract  or  a settled policy, or interest therein, provided that every
  sale is conducted in accordance with applicable state  and  federal  law
  and  provided  further that the owner and the insured have both provided
  prior written consent to the disclosure;
    (3) provided in response to an investigation  or  examination  by  the
  superintendent,   any   other  governmental  officer  or  agency,  or  a
  self-regulating entity established pursuant to federal securities law;
    (4) a term or condition to the transfer of a policy  by  one  licensed
  life  settlement  provider to another licensed life settlement provider,
  in which case the receiving life settlement provider shall  be  required
  to comply with the confidentiality requirements of this section;
    (5) necessary to allow the life settlement provider or life settlement
  broker,  or  any  authorized  representative  thereof  to administer the
  insurance policy, or to make contacts for  the  purpose  of  determining
  health  status as authorized by subsection (k) of section seven thousand
  eight hundred thirteen  of  this  article.  For  the  purposes  of  this
  article,  the  term  "authorized  representative"  shall not include any
  person who has or may have any financial interest in the life settlement
  contract other than a licensed life settlement provider,  licensed  life
  settlement  broker,  financing entity, related provider trust or special
  purpose entity; further, a life settlement provider or  life  settlement
  broker  shall  require its authorized representative to agree in writing
  to adhere to the privacy provisions of this article;
    (6) required to purchase insurance; or
    (7)   otherwise   permitted   by   regulation   promulgated   by   the
  superintendent.
    (b)  Any  person  who  obtains  or may obtain a settled policy, or any
  interest therein, pursuant to a transfer, sale, conveyance or assignment
  of a settled policy, or any interest therein, shall:
    (1) comply  with  the  provisions  of  this  chapter  and  regulations
  promulgated  thereunder  and  all  other  applicable laws, governing the
  protection of the identity and privacy of the insured or owner; and
    (2) protect against the unlawful release of all information concerning
  the identity of any insured or owner, which information would  or  could
  reasonably be expected to be used to identify or contact such insured or
  owner,  including  the  name, address (except the state of residence) or
  social security number of the insured or the  owner,  or  representative
  thereof,  the  related  insurance policy number or the insured's medical
  information.
    (c)  Non-public  personal  information  solicited   or   obtained   in
  connection with a proposed or executed life settlement contract shall be
  subject to the provisions applicable to financial institutions under the
  Gramm  Leach  Bliley  Act, P.L. 106-102 (1999), and all other applicable
  laws relating to confidentiality of non-public personal information.

    (d) The failure to follow the provisions of this section  shall  be  a
  defined violation under article twenty-four of this chapter.