§ 38.2-1865.1. License required for viatical settlement brokers; Commission'sauthority; conditions.
A. No person shall act as a viatical settlement broker, or solicit a viaticalsettlement contract while acting as a viatical settlement broker, on or afterJanuary 1, 1998, without first obtaining a license from the Commission.
B. A resident or nonresident life and annuities insurance agent shall not beprohibited from obtaining a license, and subsequently acting as, a viaticalsettlement broker. Such licensed life and annuities agent applying for alicense as a viatical settlement broker shall comply with all provisions ofthis chapter.
C. Application for a viatical settlement broker's license shall be made tothe Commission in the manner, in the form, and accompanied by thenonrefundable license processing fee prescribed by the Commission.
D. A business entity acting as a viatical settlement broker is required toobtain a viatical settlement broker license. In addition to the otherrequirements in this section, and before approving the application, theCommission shall find that:
1. The business entity has paid the fee set forth in this section; and
2. The business entity has designated a licensed viatical settlement brokeras the individual responsible for the business entity's compliance with theinsurance and other laws of this title, and related rules and regulations ofthis Commonwealth.
E. The Commission may require any documents reasonably necessary to verifythe information contained in an application.
F. Except where prohibited by state or federal law, by submitting anapplication for license, the applicant shall be deemed to have appointed theclerk of the Commission as the agent for service of process on the applicantin any action or proceeding arising in this Commonwealth out of or inconnection with the exercise of the license. Such appointment of the clerk ofthe Commission as agent for service of process shall be irrevocable duringthe period within which a cause of action against the applicant may arise outof transactions with respect to subjects of insurance in this Commonwealth.Service of process on the clerk of the Commission shall conform to theprovisions of Chapter 8 (§ 38.2-800 et seq.) of this title.
G. The license processing fee required by this section shall be collected bythe Commission, paid directly into the state treasury, and credited to the"Bureau of Insurance Special Fund - State Corporation Commission" for themaintenance of the Bureau of Insurance as provided in subsection B of §38.2-400.
H. Before June 1 of each year, each viatical settlement broker shall remitthe nonrefundable renewal fee and renewal application prescribed by theCommission for the renewal of the license effective July 1 of that year.
I. Viatical settlement broker's licenses may be renewed for a one-year periodending on the following June 30 if the required renewal application andrenewal fee have been received by the Commission on or before June 1, and thelicense has not been terminated, suspended or revoked on or before June 30.
J. The renewal fee required by this section shall be collected by theCommission, paid directly into the state treasury, and credited to the"Bureau of Insurance Special Fund - State Corporation Commission" for themaintenance of the Bureau of Insurance as provided in subsection B of §38.2-400.
K. Each applicant for a viatical settlement broker's license shall providesatisfactory evidence that no disciplinary action has resulted in thesuspension or revocation of any federal or state license pertaining to thebusiness of viatical settlements or to the insurance or other financialservices business.
L. In the absence of a written agreement making the broker the viator'sagent, viatical settlement brokers are presumed to be agents of viaticalsettlement providers.
M. A viatical settlement broker shall not, without the written agreement ofthe viator obtained before performing any services in connection with aviatical settlement, seek or obtain any compensation from the viator.
§ 38.2-1865.1. License required for viatical settlement brokers; Commission'sauthority; conditions.
A. No person shall act as a viatical settlement broker, or solicit a viaticalsettlement contract while acting as a viatical settlement broker, on or afterJanuary 1, 1998, without first obtaining a license from the Commission.
B. A resident or nonresident life and annuities insurance agent shall not beprohibited from obtaining a license, and subsequently acting as, a viaticalsettlement broker. Such licensed life and annuities agent applying for alicense as a viatical settlement broker shall comply with all provisions ofthis chapter.
C. Application for a viatical settlement broker's license shall be made tothe Commission in the manner, in the form, and accompanied by thenonrefundable license processing fee prescribed by the Commission.
D. A business entity acting as a viatical settlement broker is required toobtain a viatical settlement broker license. In addition to the otherrequirements in this section, and before approving the application, theCommission shall find that:
1. The business entity has paid the fee set forth in this section; and
2. The business entity has designated a licensed viatical settlement brokeras the individual responsible for the business entity's compliance with theinsurance and other laws of this title, and related rules and regulations ofthis Commonwealth.
E. The Commission may require any documents reasonably necessary to verifythe information contained in an application.
F. Except where prohibited by state or federal law, by submitting anapplication for license, the applicant shall be deemed to have appointed theclerk of the Commission as the agent for service of process on the applicantin any action or proceeding arising in this Commonwealth out of or inconnection with the exercise of the license. Such appointment of the clerk ofthe Commission as agent for service of process shall be irrevocable duringthe period within which a cause of action against the applicant may arise outof transactions with respect to subjects of insurance in this Commonwealth.Service of process on the clerk of the Commission shall conform to theprovisions of Chapter 8 (§ 38.2-800 et seq.) of this title.
G. The license processing fee required by this section shall be collected bythe Commission, paid directly into the state treasury, and credited to the"Bureau of Insurance Special Fund - State Corporation Commission" for themaintenance of the Bureau of Insurance as provided in subsection B of §38.2-400.
H. Before June 1 of each year, each viatical settlement broker shall remitthe nonrefundable renewal fee and renewal application prescribed by theCommission for the renewal of the license effective July 1 of that year.
I. Viatical settlement broker's licenses may be renewed for a one-year periodending on the following June 30 if the required renewal application andrenewal fee have been received by the Commission on or before June 1, and thelicense has not been terminated, suspended or revoked on or before June 30.
J. The renewal fee required by this section shall be collected by theCommission, paid directly into the state treasury, and credited to the"Bureau of Insurance Special Fund - State Corporation Commission" for themaintenance of the Bureau of Insurance as provided in subsection B of §38.2-400.
K. Each applicant for a viatical settlement broker's license shall providesatisfactory evidence that no disciplinary action has resulted in thesuspension or revocation of any federal or state license pertaining to thebusiness of viatical settlements or to the insurance or other financialservices business.
L. In the absence of a written agreement making the broker the viator'sagent, viatical settlement brokers are presumed to be agents of viaticalsettlement providers.
M. A viatical settlement broker shall not, without the written agreement ofthe viator obtained before performing any services in connection with aviatical settlement, seek or obtain any compensation from the viator.
§ 38.2-1865.1. License required for viatical settlement brokers; Commission'sauthority; conditions.
A. No person shall act as a viatical settlement broker, or solicit a viaticalsettlement contract while acting as a viatical settlement broker, on or afterJanuary 1, 1998, without first obtaining a license from the Commission.
B. A resident or nonresident life and annuities insurance agent shall not beprohibited from obtaining a license, and subsequently acting as, a viaticalsettlement broker. Such licensed life and annuities agent applying for alicense as a viatical settlement broker shall comply with all provisions ofthis chapter.
C. Application for a viatical settlement broker's license shall be made tothe Commission in the manner, in the form, and accompanied by thenonrefundable license processing fee prescribed by the Commission.
D. A business entity acting as a viatical settlement broker is required toobtain a viatical settlement broker license. In addition to the otherrequirements in this section, and before approving the application, theCommission shall find that:
1. The business entity has paid the fee set forth in this section; and
2. The business entity has designated a licensed viatical settlement brokeras the individual responsible for the business entity's compliance with theinsurance and other laws of this title, and related rules and regulations ofthis Commonwealth.
E. The Commission may require any documents reasonably necessary to verifythe information contained in an application.
F. Except where prohibited by state or federal law, by submitting anapplication for license, the applicant shall be deemed to have appointed theclerk of the Commission as the agent for service of process on the applicantin any action or proceeding arising in this Commonwealth out of or inconnection with the exercise of the license. Such appointment of the clerk ofthe Commission as agent for service of process shall be irrevocable duringthe period within which a cause of action against the applicant may arise outof transactions with respect to subjects of insurance in this Commonwealth.Service of process on the clerk of the Commission shall conform to theprovisions of Chapter 8 (§ 38.2-800 et seq.) of this title.
G. The license processing fee required by this section shall be collected bythe Commission, paid directly into the state treasury, and credited to the"Bureau of Insurance Special Fund - State Corporation Commission" for themaintenance of the Bureau of Insurance as provided in subsection B of §38.2-400.
H. Before June 1 of each year, each viatical settlement broker shall remitthe nonrefundable renewal fee and renewal application prescribed by theCommission for the renewal of the license effective July 1 of that year.
I. Viatical settlement broker's licenses may be renewed for a one-year periodending on the following June 30 if the required renewal application andrenewal fee have been received by the Commission on or before June 1, and thelicense has not been terminated, suspended or revoked on or before June 30.
J. The renewal fee required by this section shall be collected by theCommission, paid directly into the state treasury, and credited to the"Bureau of Insurance Special Fund - State Corporation Commission" for themaintenance of the Bureau of Insurance as provided in subsection B of §38.2-400.
K. Each applicant for a viatical settlement broker's license shall providesatisfactory evidence that no disciplinary action has resulted in thesuspension or revocation of any federal or state license pertaining to thebusiness of viatical settlements or to the insurance or other financialservices business.
L. In the absence of a written agreement making the broker the viator'sagent, viatical settlement brokers are presumed to be agents of viaticalsettlement providers.
M. A viatical settlement broker shall not, without the written agreement ofthe viator obtained before performing any services in connection with aviatical settlement, seek or obtain any compensation from the viator.
