New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 35 - VIATICAL SETTLEMENTS
Section 11:4-35.5 - Viatical settlement broker$DQ$s or representative's license application
Universal Citation: NJ Admin Code 11:4-35.5
Current through Register Vol. 56, No. 6, March 18, 2024
(a) A first time applicant for an individual viatical settlement broker's license or viatical settlement representative's license shall submit the following:
1. A properly executed and dated application
requesting issuance of a viatical settlement broker's or representative's
license which shall contain the applicant's legal name; trade name, if any;
home address; date of birth; business mailing address and location address;
home and business telephone numbers; the applicant's social security number;
and responses to questions concerning the applicant's character and fitness for
licensing. This information together with all requested attachments shall be
certified as being accurate by the applicant;
2. Proof that the applicant has passed Part 1
of the State licensing examination, "Life--General Product Knowledge," required
for a life producer or proof that the applicants have passed its state's life
product portion of the life insurance agent's examination;
3. Information on other related licenses held
by the applicant including a list of states where the applicant is licensed as
a viatical settlement broker or representative, certifications of current
license status in those states, and a list of viatical settlement providers
with which the applicant is associated;
4. Any documents or statements required to
verify or explain responses to questions concerning the applicant's character,
fitness or financial responsibility;
5. Fingerprint impressions taken on New
Jersey State Police and Federal Bureau of Investigation fingerprint cards,
together with the fees required for processing;
6. A plan of operation that includes the
following: target markets and geographic locations; marketing and advertising
strategies to attract potential viators; broker training procedures and a
detailed description of the procedures used to keep medical information
confidential;
7. Any additional
information which the applicant chooses to provide or which the Commissioner
may find relevant to clarify any of the information in (a)1 through 6 above;
and
8. A check or money order made
payable to State of New Jersey--General Treasury for the following
nonrefundable fees:
i. License fee: $
75.00.
ii. Application processing
fee: $ 20.00.
iii. Fingerprint
processing fee: $ 49.00.
(b) A first time applicant for a viatical settlement broker's license which is a corporation, partnership, firm or association shall submit the following:
1. A
properly executed and dated application requesting issuance of a viatical
settlement broker's license that shall contain the applicant's legal name;
trade name, if any; business mailing address and location address; business
telephone number; State tax identification number; and all requested
attachments, all of which shall be certified as being accurate;
2. A resident New Jersey corporation,
partnership, firm or association shall file with the Commissioner a copy of its
Certificate of Incorporation or the partnership or association documents,
stamped "filed" by the Office of the Secretary of State, County Clerk or other
applicable authority, confirming that the business name has been properly
recorded;
3. A foreign corporation,
partnership or association applying for a resident license to open an office in
New Jersey shall file with the Commissioner a certificate filed by the Office
of the Secretary of State authorizing the applicant to transact business in New
Jersey;
4. Information on other
related licenses held by the applicant including a list of states where the
applicant is licensed as a viatical settlement broker, certifications of
current license status in those states, or a list of viatical settlement
providers with which the applicant is appointed as a viatical settlement
representative;
5. Fingerprint
impressions taken on New Jersey State Police and Federal Bureau of
Investigation fingerprint cards, together with the fees required for processing
for each officer, partner, director and individual owner of five percent or
more of the company;
6. A plan of
operation that includes the following: target markets and geographic locations;
marketing and advertising strategies to attract potential viators; broker
training procedures and a detailed description of the procedures used to keep
medical information confidential;
7. Any additional information which the
applicant chooses to provide or which the Commissioner may find relevant to
clarify any of the information in (b)1 through 6 above; and
8. A check or money order made payable to
State of New Jersey--General Treasury for the following nonrefundable fees:
i. License fee: $ 75.00.
ii. Application processing fee: $
20.00.
iii. Fingerprint processing
fee: $ 49.00 per person.
(c) The license application and applicable fees for viatical settlement brokers and viatical settlement representatives shall be sent to:
Attention: Viatical Settlements Licensing
License Processing Unit
New Jersey Department of Banking and Insurance
20 West State Street
PO Box 327
Trenton, NJ 08625-0327
Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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