Life Settlements broker license will replace Viatical Settlement broker (VSB) license
The 2009 Washington State Legislature passed a bill that directly affects licensees who currently hold a viatical settlements license in the state of Washington.
Senate Bill 5195 creates a new Life Settlements broker license. We highly encourage you to read the bill in its entirety, noting the change in requirements.
Bill Overview
- Any existing viatical settlements broker license will expire on July 26, 2009
- The authority granted by the viatical settlements broker license to transact viatical settlement business will end on July 26, 2009
- Current viatical settlements licensees will be required to re-apply for a Life Settlements broker license
- There is no automatic conversion process
- The new application will be available on our website at: http://www.insurance.wa.gov/agents_brokers/index.shtml by July 26, 2009.
If you are a Washington state resident we require you to have an underlying insurance producer license with a life line of authority for at least one year and you will need to complete the application process, which includes a fee of $100.
The Life Settlements broker license will be valid for the same length of time as your underlying resident life insurance license.
If you are not a Washington state resident we require you to be licensed in your home state with a life line of authority for at least one year, obtain a non-resident life license in Washington and you will need to complete the application process, which includes a $100 fee.
The Life Settlements broker license will be valid for the same length of time as your Washington non-resident life license.
Questions
Phone: 360-725-7144
Email: Licinfo@oic.wa.gov
Some files on this website require a free reader. Download a free reader.