2013 New York Consolidated Laws
ISC - Insurance
Article 78 - (7801 - 7820) LIFE SETTLEMENTS
7816 - Penalties and civil remedies.

 
    §  7816.  Penalties  and  civil  remedies. (a)(1) If, after notice and
  hearing, the superintendent determines that any information required  by
  subsection  (a) or (c) of section seven thousand eight hundred eleven of
  this article knowingly was not provided  or  knowingly  was  delayed  in
  being  provided  by the life settlement broker to the material detriment
  of the owner, then the superintendent, in addition to any other  penalty
  prescribed  by law, may require the life settlement broker to pay to the
  people of this state an amount not to exceed  the  compensation  due  or
  provided to the life settlement broker.
    (2)  If,  after notice and hearing, the superintendent determines that
  any information required by subsection (a)  of  section  seven  thousand
  eight  hundred  eleven  of  this  article  knowingly was not provided or
  knowingly was delayed in being provided by the life settlement  provider
  to  the  material  detriment  of  the owner, then the superintendent, in
  addition to any other penalty prescribed by law, may  require  the  life
  settlement  provider to pay to the people of this state an amount not to
  exceed forty-five thousand dollars.
    (b) If, after notice and hearing, the  superintendent  determines  any
  person knowingly violated subsection (c) of section seven thousand eight
  hundred fifteen of this article, then the superintendent, in addition to
  any  other  penalty  prescribed by law, may require the person to pay to
  the people of this state an amount not to exceed  one  hundred  thousand
  dollars.
    (c)  If,  after notice and hearing, the superintendent determines that
  any person knowingly violated section seven thousand eight  hundred  ten
  of  this  article,  then  the  superintendent,  in addition to any other
  penalty prescribed by law, may require the person to pay the insured  or
  owner an amount not to exceed twenty thousand dollars.
    (d)(1)  If,  after  notice  and hearing, the superintendent determines
  that any person knowingly and  willfully  acted  as  a  life  settlement
  provider  without  a  license  in violation of subsection (a) of section
  seven  thousand  eight  hundred  three  of  this   article,   then   the
  superintendent  may impose a civil penalty payable to the people of this
  state not to exceed one hundred thousand dollars for each policy settled
  in violation thereof.
    (2) If, after notice and hearing, the superintendent  determines  that
  any  person  knowingly  and  willfully acted as a life settlement broker
  without a license in violation of subsection (a) of section two thousand
  one hundred thirty-seven of this chapter, then  the  superintendent  may
  impose a civil penalty payable to the people of this state not to exceed
  fifty thousand dollars for each policy settled in violation thereof.
    (3)  If,  after notice and hearing, the superintendent determines that
  any  person  knowingly  and  willfully  acted  as  a   life   settlement
  intermediary  without  a  registration in violation of subsection (a) of
  section seven thousand eight hundred four  of  this  article,  then  the
  superintendent  may impose a civil penalty payable to the people of this
  state not to exceed fifty thousand dollars for each transaction.
    (e) Any person who has been  injured  by  reason  of  a  violation  of
  subsection  (a),  (b)  or  (c)  of  this  section may bring an action to
  recover damages suffered by reason of  such  violation.  In  any  action
  brought  under  this  section, the court may award reasonable attorney's
  fees to a prevailing plaintiff.
    (f) Nothing provided in this  article  shall  limit  or  restrict  any
  common law, contractual or other right of action.