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AGENTS & BROKERS: LIFE SETTLEMENT BROKER (LS)

LICENSE INFORMATION

Individuals Licensed as a Life Agent for At Least One Year

Step 1 - Not later than ten days from the first day of operating as a life settlement broker, life agents licensed in California for at least one year must complete a Life Producer Notification of Brokering Life Settlements, form LIC 441-20N. This requirement applies to both California resident and nonresident licensees.

Step 2 - The Life Producer Notification includes an Applicant Certification which requires the applicant to certify that they have reviewed sections 10113.1 through 10113.3 of the California Insurance Code (CIC)  and Section 2548.1 et seq. (Life Settlements) of Title 10 of the California Code of Regulations. In addition, the applicant must certify their understanding that pursuant to sections 10113.1(g)(2)(D) and 10113.2(b) of the California Insurance Code (CIC) any false statement may subject their application to denial and may subject their license/s to suspension or revocation.

Step 3 - The fee for the Life Producer Notification is $154 which is for a two-year period. To continue as a life settlement broker, the Life Producer Notification will need to be renewed on the same date that the life agent license expires. Therefore, Life Agents with less than 12 months left in their license period will only pay $77 for the initial Life Producer Notification.

Step 4 - Mail the completed Life Producer Notification of Brokering Life Settlements, form LIC 441-20N and the fee to the following address:

California Department of Insurance
P.O. Box 1139
Sacramento, CA 95812-1139

All fees are filing fees and are not refundable, whether or not the Notification is acted upon.

Step 5 -  Section 10113.2 (c) of the California Insurance Code (CIC) states, in part, that a life settlement licensee shall file with the department a copy of all life settlement forms used in this state. No licensee may use any life settlement form in this state unless it has been provided in advance to the Commissioner. Forms are to be submitted to the Commissioner by e-mail. Life settlement brokers shall file such forms by filling out and submitting a Life Settlement Form Filing Cover Sheet, form LIC 441-20C, along with copies of all forms to the following e-mail address: LifeSettlementForms@insurance.ca.gov.

For your convenience, you may review the life settlement forms templates on the following link: Life Settlement Forms

Section 10113.2 (c) of the California Insurance Code (CIC) also states, in part, that the Commissioner may disapprove a life settlement form if, in his or her discretion, the form, or provisions contained therein, are contrary to the interests of the public, or are otherwise misleading or unfair to the consumer. In the case of disapproval, the licensee may, within 15 days of notice of the disapproval, request a hearing before the Commissioner or his or her designee, and the hearing shall be held within 30 days of the request.

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