(b) The financial accountability of a life settlement provider required in accordance with section 7803(c)(2)(E) of the Insurance Law, to assure the faithful performance of its obligations to owners and insureds on life settlement contracts subject to article 78 of the Insurance Law, shall be in an amount at least equivalent to $250,000, shall be maintained at all times and may be evidenced in one of the following manners:

1. (1) assets in excess of liabilities in an amount at least equal to $250,000 as reflected in the applicant's financial statements;
2. (2) a surety bond in an amount at least equal to $250,000 placed in trust with the superintendent issued by an insurer licensed in this State to write fidelity and surety insurance under section 1113(a)(16) of the Insurance Law; or

3. (3) securities placed in trust with the superintendent consisting of securities of the types specified in section 1402(b)(1) and (2) of the Insurance Law, estimated at an amount not exceeding their current market value, but with a total par value not less than $250,000; provided that:

   1. (i) if the life settlement provider is incorporated in another state, the securities allowed for placement in the trust may consist of direct obligations of that state; and
   2. (ii) if the aggregate market value of the securities in trust falls below the required amount, the superintendent may require the life settlement provider to deposit additional securities of like character.