Section 216: Annual statement of life settlement provider
216 words·~1 min read·
/ma/part-i/title-xxii/chapter-175/216·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 216.
(a)A life settlement provider shall file with the commissioner, annually on or before March 1, a statement containing such information as the commissioner may prescribe by regulation. In addition to any other requirements, the annual statement shall:
(i)specify the total number, aggregate face amount and life settlement proceeds of policies settled during the immediately preceding calendar year, together with a breakdown of the information by policy issue year for each carrier;
(ii)include the names of the insurance companies whose policies have been settled; and
(iii)include only those transactions where the owner is a resident of the commonwealth; provided, however, that an annual statement shall not include individual transaction data regarding the business of life settlements or information that there is a reasonable basis to believe could be used to identify the owner or the insured.
(b)A life settlement provider that willfully fails to file an annual statement or willfully fails to reply within 30 days after receipt of a written inquiry by the commissioner in connection therewith shall, in addition to any other penalties prescribed by law, be subject, upon due notice and opportunity to be heard, to a penalty of up to $250 per day of delay, not to exceed $25,000 in the aggregate, for each such failure.