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PA Bulletin, Doc. No. 05-580

NOTICES

Viatical Settlement Broker License Testing Requirements for Licensed Life Insurance Producers; Notice 2005-04

[35 Pa.B. 1946]

   Under section 11(3) of the Viatical Settlements Act (40 P. S. § 626.11(3)) to ''establish appropriate licensing requirements,'' the Insurance Department (Department) issues this notice with regard to the prelicense testing requirements for licensure as a viatical settlement broker. In light of the National Association of Insurance Commissioners' June 2004 adoption of the Model Viatical Settlement Regulation, the Department will amend its current licensing requirements for certain individuals seeking licensure as viatical settlement brokers.

   Specifically, this notice is issued to advise that, effective April 1, 2005, the Department will no longer require separate testing to obtain a viatical settlement broker license if the applicant is licensed by this Department as a resident or nonresident insurance producer with Life line of authority as defined in section 601-A of The Insurance Department Act of 1921 (40 P. S. §  310.1), and has been licensed with a Life line of authority in this or any other state for at least 1 full year immediately prior to applying for the viatical settlement broker license.

   Although licensed life insurance producers will no longer be required to take a prelicensing examination to obtain a viatical settlement broker license, they are still required to apply for and obtain a viatical settlement broker license before engaging in the business of viatical settlements as a viatical settlement broker. The Department will approve or deny a completed viatical settlement broker application that is submitted electronically by a qualified licensed life insurance producer within 30-calendar days of receipt of the application, or the application shall be deemed approved. The Department will begin accepting viatical settlement broker license applications electronically through SIRCON at www.sircon.com in May 2005. Until that time, applications must be submitted in hard copy format.

   The Department will implement this testing exemption for all applications for licensure as a viatical settlement broker received after April 1, 2005, and applicants wanting to take advantage of the testing exemption should ensure that they complete the most recent version of the viatical settlement broker application form containing a section for indicating that the applicant possesses a valid resident or nonresident insurance producer license issued by the Department with a Life line of authority. This modified application form will be posted on the Department's website at www.insurance.state.pa.us upon publication of this notice.

   Questions regarding this notice should be addressed to Jack Yanosky, Director, Bureau of Procedure Licensing, Insurance Department, 12th Floor, Strawberry Square, Harrisburg, PA 17120.

RONALD A. GALLAGHER, Jr. P. E.,   
Deputy Insurance Commissioner for the
Office of Consumer and Producer Services

[Pa.B. Doc. No. 05-580. Filed for public inspection March 25, 2005, 9:00 a.m.]


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