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CA Department of Insurance

Individual Not Licensed

LICENSE INFORMATION

Individuals Not Licensed as a Life Agent or Licensed as a Life Agent for Less than One Year

Step 1 - Beginning on July 2, 2010, individuals that plan to broker life settlements who are not licensed as a life agent or individuals that have held a life agent license for less than one year must complete an Individual Application for Life Settlement Broker License, form LIC 441-20, to operate as a life settlement broker.

Step 2 - The Individual Application for Life Settlement Broker License 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 and Section 2548.1 et seq. (Life Settlements) of Title 10 of the California Code of Regulations. In addition, applicants must certify their understanding that pursuant to sections 10113.1(g)(2)(D) and 10113.2(b) of the CIC, any false statement may subject their application to denial and may subject their license/s to suspension and revocation.

Step 3 - The fee for the Individual Application for Life Settlement Broker License is $154, which is for a one-year period. To continue brokering life settlements, the life settlement broker license will need to be renewed annually. If the individual is also licensed as a life agent, at the one year anniversary of the life agent license the life settlement broker becomes eligible for the two year life settlement notification.

Step 4 - Individuals who are not licensed as a life agent or individuals that have held a life agent license for less than one year must complete 15 hours of education related to life settlements and life settlement transactions, as required and approved by the Commissioner, prior to operating as a broker. Certificates of Completion verifying completion of the 15 hours of education must be submitted with the Individual Application for Life Settlement Broker License.  To find a Life Settlement Broker course, select the Education Provider and Course Search to retrieve the list of available life settlement broker courses. 

Step 5 - Fingerprint impressions are required for unlicensed applicants and can be submitted at anytime, including prior to submitting the life settlement broker license application. Please select one of the following links for instructions: California Resident Licensing Fingerprint Requirements or Non-Resident Licensing Fingerprint Requirements.

Step 6 - Mail the completed Individual Application for Life Settlement Broker License, form LIC 441-20, the fee, and, for individuals not licensed as a life agent, the Certificate of Completion for the 15-Hour Life Settlement Broker course 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 application is acted upon.

Step 7 - 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 a 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 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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