N.Y. Insurance Law 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 § 7811 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.
Terms Used In N.Y. Insurance Law 7816
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(2) If, after notice and hearing, the superintendent determines that any information required by subsection (a) of § 7811 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.