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Insurance Division

Licensing Procedures – Life Settlement Brokers

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The life settlement broker license allows a person to act as a broker for life or viatical settlement contracts. There is one license for an individual and one for a firm. Each life settlement broker must be appointed to a life settlement provider or affiliated with a life settlement broker firm.

Individuals

To apply as a resident life settlement broker:

  1. Submit a Life Settlement Broker Individual Application (Form 3013).
  2. Submit Fingerprint Card (Form FD-258).
  3. Submit the Criminal Records Request form (Form 4862).
  4. Pay a $92.25 fee. ($47.25 background check fee. $45.00 license fee.)
  5. Submit antifraud plan*
  6. Submit a copy of each life settlement contract, policyholder, or certificate-holder application, and disclosure statement intended for use in Oregon.

To apply as a non-resident life settlement broker:

  1. Submit a Life Settlement Broker Individual Application (Form 3013).
  2. Submit antifraud plan*

* NOTE: This antifraud plan must outline:

  • The procedures for detecting and investigating possible fraudulent life settlement acts and procedures for resolving material inconsistencies between medical records and insurance applications;
  • The procedures for reporting possible fraudulent life settlement acts to the director;
  • A description of the plan for antifraud education and training of underwriters and other personnel; and
  • A description or chart outlining the organizational arrangement of the antifraud personnel who are responsible for investigating and reporting possible fraudulent life settlement acts and investigating unresolved material inconsistencies between medical records and insurance applications.

NOTE: The business entity (agency) also must file a Life Settlement Broker Appointment/Affiliation Notice (Form 3025) within 30 days.

Life Settlement Investment Agent

A life settlement investment agent is a person who is an appointed or contracted agent of a licensed life settlement provider who solicits or arranges the funding for the purchase of a life settlement by a life settlement purchaser and who is acting on behalf of a life settlement provider.

To apply as a Life Settlement Investment Agent:

  1. Submit a Life Settlement Investment Agent Application (Form 4876).
  2. Submit Fingerprint Card (Form FD-258).
  3. Pay the $45.00 fee

Life Settlement Investment Agent applicants must be registered with an Oregon securities dealer.

Life Settlement Broker Firms

To apply as a life settlement broker firm:

  1. Submit a Life Settlement Broker Firm or Corporation Application (Form 3010b).
  2. Pay a $45 fee.

NOTES:

  1. Assumed business names must be registered with the Secretary of State Corporation Division.
  2. The business entity (agency) also must file a Life Settlement Broker Appointment/Affiliation Notice (Form 3025) within 30 days.

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