Life Settlement Broker (Individuals & Business Entity)

Definition

LIFE SETTLEMENT – Payment of a portion of the proceeds from Life Insurance to an Insured who is terminally ill.

LIFE SETTLEMENT BROKER LICENSE – Authority to advertise/advise a person on availability of life settlement (for fee, commissions or other valuable consideration). Represents only Viator's interests. (REF: Public Act No. 08-175)

LIFE SETTLEMENT PROVIDER LICENSE – Authority to enter into or effectuate a Viatical or Life Settlement contract.

Applicable Statutes

C.G.S. §38a-465 – see Title 38a* Insurance

Fees

Initial: $66.00
Reinstatement: $66.00
Renewal: $40.00
No pro-rating, non-refundable $26.00 application fee.

Duration

One (1) year – Renews March 31st EVERY year.

How to Apply

To determine if you need a Life Settlement Broker or Life Settlement Registration, please see Important Information section below.

Residents:

Non-Residents:

Residents and Non-Residents must also complete the following:

  • Business Entity: must submit a Biographical Affidavit for each individual who will be acting as a Life Settlement Broker on their behalf Attach document to the NIPR warehouse.
  • Anti-Fraud Plan (C.G.S. 38a-465a(5)(A)(B)(C)(D)) must include:
    1. A description of the procedures for detecting and investigating possible fraudulent acts and procedures for resolving material inconsistencies between medical records and insurance applications;
    2. A description of the procedures for reporting fraudulent insurance acts to the commissioner;
    3. A description of the plan for anti-fraud education and training for its underwriters and other personnel; and
    4. A written description or chart outlining the arrangement of the anti-fraud personnel responsible for the investigation and reporting of possible fraudulent insurance acts and investigating unresolved material inconsistencies between medical records and insurance applications.

      The anti-fraud plan must be reasonably calculated to detect, prosecute, and prevent fraudulent life settlement acts. The Commissioner may order, or a licensee may request and the Commissioner may grant, plan modifications necessary to ensure an effective anti-fraud program. Fraud investigators must be included in the plan and may be provider or broker employees or independent contractors. (C.G.S. 38a-465j(i)(1))

      Providers and brokers must print the following separate, signed fraud warnings on their applications and on their life settlement contracts as follows: “Any person who knowingly presents false information in an application for insurance or life settlement contract is guilty of a crime and may be subject to fines and confinement in prison.”

      (C.G.S. 38a-465f(12))
    5. Anti-Fraud plans submitted to the commissioner are (1) privileged and confidential, (2) not public records, and (3) not subject to discovery or subpoena in a civil or criminal action. (C.G.S. 38a-465j(g)(1))
  • The Anti-Fraud Plan must be added to the NIPR warehouse.

Designated Responsible Licensed Person (DRLP)

A Designated Responsible Licensed Person (DRLP) is a licensed individual appointed by a business entity to be responsible for the entity’s insurance license. In many license types, a DRLP is required to ensure the business entity has appropriate licensed oversight.

Life Settlement Broker License Exception:

A DRLP is NOT required for a Life Settlement Broker license.

Business entities applying for this license type do not need to designate or maintain a DRLP, even though this license is issued to business entities only.

How to Renew

How to Amend Lines of Authority

Not applicable.

How to Reinstate a License

  • After March 31st EVERY year, reinstate the license by going to the National Insurance Producer Registry (NIPR).
  • Business Entity: will need to submit the Biographical Affidavit (See instructions for “How to Apply” above.)
  • All applicants will need to submit the Anti-Fraud Plan. (See instructions for “How to Apply” above.)

How to change License information (i.e.: email and address)

Update your License Information

Print a copy of the license

Search and print a license

Initial Education Requirements

  • Anti-Fraud Plan: See “How to Apply” above for details.
  • Biographical Affidavit: See “How to Apply” above for details.

Waivers due to Designations

None.

Renewal Continuing Education (CE) Requirements (C.G.S 38a-465a(p))

  • Resident individuals with only a LIFE SETTLEMENT BROKER license need 15 hours of continuing education in the Life/Accident & Health or Sickness category every two years.
  • Click here to view your CE transcript.
  • Click here to find an provider or course.

Cancel License

License Voluntary – Surrender Request

Important Information

Life Settlement Registration

This license type does not require fingerprints.