Life Settlement
What consequence does section 7815 attach to engaging in STOLI?
Answer and explanation
Answer: B. Section 7815 provides that a violation of the prohibition shall be a defined violation under article twenty-four, which carries the Insurance Law's penalties and remedies. The five hundred dollar figure belongs to the rebating penalty in section 2324(f).Source: N.Y. Ins. Law § 7815 — 7815, Consequence
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- Which section governs advertising in New York life settlements?
- Whom does New York's life settlement article call the owner?
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