Viatical Settlement Brokers
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What Defines a Viatical Settlement Broker?
A Viatical Settlement Broker is a person who negotiates a viatical settlement on behalf of a life insurance policy owner. Viatical brokers work with a number of viatical providers, which is another term for the financial institutions that buy these policies, in order to find the best price for their client's insurance policy.
A Viatical Settlement Broker does not include an attorney, accountant or financial planner who is not paid by the viatical settlement provider or viatical settlement purchaser and who is retained to represent the viator. Persons offering life settlements must be licensed as a Viatical Settlement Broker.
How do I apply for a Viatical Settlement Broker license?
Apply for a Viatical Settlement Broker License
Agencies Only: A business entity acting as a Viatical Settlement Broker is required to obtain a Viatical Settlement Broker license. The business entity must have designated a licensed Viatical Settlement Broker as the individual responsible for the business entity's compliance with the insurance laws, rules and regulations of Virginia.
Important Rules and Information for Viatical Settlement Brokers
A Viatical Settlement Broker shall not, without the written agreement of the viator obtained before performing any services in connection with a viatical or life settlement, seek or obtain any compensation from the viator.
A Viatical Settlement Broker shall within 60 days of licensure and annually thereafter by March 1 of each year, certify to the Commission implementation of anti-fraud initiatives reasonably calculated to detect, prosecute, and prevent fraudulent viatical settlement acts. Review Virginia Code §38.2-6011 E.
Annual Certification of Anti-Fraud Initiatives Form
Email completed certifications and any questions concerning your compliance status to VSBAnti-FraudPlan@scc.virginia.gov.
The Viatical Settlement Broker license must be renewed prior to July 1 of each year. The renewal period opens 90 days prior to the expiration date of the license. Failure to renew will result in termination of the license effective June 30.