California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 12.9 - Life Settlements
Section 2548.21 - Notification/License Terms
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) A life producer who has complied with the procedure in Section 2548.20 herein will be granted a two-year life settlement broker notification which will coincide with the terms of his or her two-year life producer license. The license renewal date for the life settlement broker notification is the same date as that of the individual's life producer license;
(b) A life settlement broker who has complied with the procedure in Section 2548.18 herein will have a one-year license term. The license renewal date for this license is the last day of the month in the year following the year of the license's issuance.
(c) A life settlement broker or a life producer who has notified the Commissioner that he or she is brokering life settlements, who has not renewed on or before the applicable renewal date expires, must discontinue transacting life settlements. To resume brokering life settlements, such individuals must either re-apply or re-notify the Commissioner as applicable per Section 2548.9.
1. New section
filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency regulation shall
remain in effect, not to be repealed by the Office of Administrative Law, unless
repealed by the Department of Insurance pursuant to Insurance Code section
10113.35
(Register 2010, No. 31).
2. Change without regulatory effect amending
NOTE filed 1-24-2012 pursuant to section
100, title 1, California Code of
Regulations (Register 2012, No. 4).
3. Change without regulatory effect
amending subsections (a)-(d) and NOTE filed 7-3-2013 pursuant to section
100, title 1, California Code of
Regulations (Register 2013, No. 27).
4. Change without regulatory effect
amending subsections (a)-(d) filed 8-14-2014 pursuant to section
100, title 1, California Code of
Regulations (Register 2014, No. 33).
5. Renumbering of former section
2548.21 to section
2548.22 and renumbering and amendment
of former section
2548.20 to new section 2548.21 filed
11-25-2014; operative 1-1-2015 (Register 2014, No.
48).
Note: Authority cited: Section 10113.35, Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th Century Ins. Co. v. Garamendi, 8 Cal. 4th 216 (1994). Reference: Section 10113.2, Insurance Code.
