Life Settlement Broker (Individual & Business Entity)

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.

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

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

One (1) year – Licenses expire March 31st each year.

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

Residents:

Non-Residents:

Apply at National Insurance Producer Registry (NIPR).

Applicants must hold a same or similar license in any other state.

Additional Requirements (Residents & Non-Residents)

Applies to Business Entities only (not individual applicants) — Biographical Affidavit Requirement:

Business Entities must submit a Biographical Affidavit for each individual acting as a Life Settlement Broker on behalf of the entity.

Upload all affidavits to the NIPR Attachment Warehouse when submitting the application..

Anti-Fraud Plan Requirements

For All Applicants

Applicants must submit an Anti-Fraud Plan in accordance with C.G.S. §§38a-465a and 38a-465j.

The Anti-Fraud Plan must include:

Anti-Fraud Plan (C.G.S. 38a-465a(5)(A)(B)(C)(D)) must include:

  • Procedures for detecting and investigating fraudulent acts
  • Procedures for resolving inconsistencies between medical records and insurance applications
  • Procedures for reporting fraudulent insurance acts to the Commissioner
  • Anti-fraud education and training procedures
  • Organizational structure identifying anti-fraud personnel responsible for investigations and reporting

The plan must be reasonably designed to detect, prevent, and prosecute fraudulent life settlement acts.

Fraud investigators may be employees or independent contractors.

Upload all affidavits to the NIPR Attachment Warehouse when submitting the application.

Confidentiality Notice

Anti-Fraud Plans submitted to the Commissioner are:

  • Privileged and confidential
  • Not public records
  • Not subject to discovery or subpoena in civil or criminal proceedings (C.G.S. §38a-465j(g)(1))

Required Fraud Warning Statement

Providers and brokers must include the following signed statement on applications and life settlement contracts:

“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))

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.

Renewals are processed through the National Insurance Producer Registry (NIPR)

Renewal notices are emailed about 90 days before your expiration date.

Submit your renewal application and payment through NIPR.

Not applicable.

Reinstatements are completed through the National Insurance Producer Registry (NIPR).

After March 31 each year:

  • Submit the reinstatement application through NIPR
  • Business entities must submit Biographical Affidavits (see How to Apply)
  • All applicants must submit an updated Anti-Fraud Plan (see How to Apply)

Please be reminded that it is your responsibility to keep your contact information current. Failure to receive renewal notices or other important correspondence due to outdated contact information does not excuse you from meeting renewal deadlines or other regulatory requirements. Ensure that your address, phone number, and email are up-to-date to avoid any disruptions in your licensing status.

Update your License Information

Search and print a license

Applicants must submit:

  • Anti-Fraud Plan (see How to Apply)
  • Biographical Affidavit (Business Entities only)

None

Resident individuals holding only a Life Settlement Broker license must complete:

15 hours of continuing education every two years in the Life or Accident & Health/Sickness category.

For questions regarding CE Transcripts or CE requirements please contact ce@pearson.com or call 1-866-316-4535.

Continuing Education Producer Handbook and FAQs

License Voluntary – Surrender Request

Life Settlement Registration

Review registration requirements carefully to determine whether registration is required instead of licensure.

Fingerprinting

This license type does not require fingerprints.