Life Settlement Registration
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.
LIFE SETTLEMENT PROVIDER LICENSE – Authority to enter into or effectuate a Viatical or Life Settlement contract.
Applicable Statutes
C.G.S. §38a-465 – see Laws and Regulations
Fees
Initial: $26.00
Reinstatement: $26.00
No pro-rating, non-refundable application fee.
Duration
Two (2) years – Renews on licensee's birth month every OTHER year.
How to Apply
Residents:
- An insurance Producer with a Life line of authority, who has been duly licensed as a resident insurance Producer in Connecticut, for not less than one year, may submit the registration application.
- Apply by going to the National Insurance Producer Registry (NIPR). Under Licensing Center, select “Apply for a New License.”
Non-Residents:
- An insurance Producer with a Life line of authority, who has been duly licensed in their home state, for not less than one year and is licensed as a non-resident Producer in Connecticut, may submit the registration application.
- Apply by going to the National Insurance Producer Registry (NIPR). Under Licensing Center, select “Apply for a New License.”
Registration Filing Requirements:
- Individual must submit the registration form and fee no later than thirty (30) days from the first day of operating as a Life Settlement Broker.
- Registration is not required for individuals who hold an active Life Settlement Broker license in Connecticut.
How to Renew
Not applicable.
How to Amend Lines of Authority
Not applicable.
How to Reinstate a License
You would be required to reinstate the producer license first. Then you would be able to submit an amendment application to add the authority back to the license. Apply on the National Insurance Producer Registry (NIPR). Under Licensing Center, select “Renew an Existing License.”
How to change License information (ie.: email and address)
Update your License Information
Print a copy of the license
Initial Education Requirements
See “How to Apply” section above.
Waivers due to Designations
None.
Renewal Continuing Education (CE) Requirements
Not applicable.
