New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 35 - VIATICAL SETTLEMENTS
Section 11:4-35.6 - License renewals
Universal Citation: NJ Admin Code 11:4-35.6
Current through Register Vol. 56, No. 6, March 18, 2024
(a) The following shall apply to license renewal:
1.
Where a current licensee seeks to renew a license, the licensee shall, at least
15 days before June 30, submit a properly completed renewal application signed,
dated and certified to be correct by the licensee or a licensed officer,
partner or member of a licensed organization. The licensee shall certify that
he, she or it continues to be qualified in accordance with the Act and this
subchapter. The renewal application shall be accompanied by a check or money
order made payable to State of New Jersey--General Treasury for the following
nonrefundable fees:
i. Provider's license
renewal fee: $ 250.00.
ii. Broker's
or representative's license renewal fee: $ 75.00.
2. A provider's license renewal fee shall be
accompanied by a current copy of a letter of good standing obtained from the
filing officer of the applicant's state of domicile.
3. Failure to submit the renewal application
for receipt by the Department by the date of expiration of the license shall be
deemed to establish that the license expired on the date shown on the license
and that the licensee was not thereafter authorized to engage in any activities
for which the license is required.
4. Any licensee who does not desire renewal
shall notify the Department by submitting the renewal application marked "Do
Not Renew."
5. An application for
renewal may be submitted within three months of the date of the expiration of
the license.
6. If a viatical
settlement provider has, at the time of renewal, viatical settlements where the
insured has not died, it shall do one of the following:
i. Renew or maintain its current license
status until the earlier of the following events:
(1) The date the viatical settlement provider
properly assigns, sells or otherwise transfers the viatical settlements where
the insured has not died; or
(2)
The date that the last insured covered by a viatical settlement transaction has
died; or
ii. Appoint, in
writing, either the viatical settlement provider that entered into the viatical
settlement, the broker who received commissions from the viatical settlement,
if applicable, or any other viatical settlement provider or broker licensed in
this State to make all inquiries to the viator, or the viator's designee,
regarding health status of the viator or any other matters.
(b) If a viatical settlement provider, viatical settlement broker or viatical settlement representative fails to pay the renewal fee within the time prescribed, or a viatical settlement provider fails to submit the report required by 11:4-35.1 1, such nonpayment or failure to submit the required report shall result in lapse of the license.
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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