Oregon Administrative Rules
Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION
Division 14 - ALTERNATIVE INSURANCE ORGANIZATIONS
Section 836-014-0226 - Life Settlement Investment Agent Licensing Requirements
Universal Citation: OR Admin Rules 836-014-0226
Current through Register Vol. 63, No. 9, September 1, 2024
(1) In order for an applicant to qualify to transact business as a life settlement investment agent, the person must pay the appropriate application fee under OAR 836-014-0210 and either:
(a) Demonstrate that the person has completed
to the director's satisfaction an examination of the Financial Industry
Regulatory Authority (FINRA) that is Series 6 or Series 7; or
(b) Operates under the appropriate license
from the equivalent chief insurance official of the state of residence of the
life settlement purchaser whom the agent is negotiating with on behalf of a
life settlement provider. If there is more than one purchaser of a single
policy and the purchasers are residents of different states, the life
settlement investment agent must be licensed by the state in which the
purchaser having the largest percentage ownership resides, or if the purchasers
hold equal ownership, the state of residence of one purchaser agreed upon in
writing by all purchasers.
(2) A life settlement investment agent license does not eliminate the need to obtain a securities license from the Department if a life settlement investment agent conducts life settlement transactions in a manner that would be considered an offer, sale, transfer or delivery of a security under the Oregon Securities Law.
Stat. Auth.: ORS 731.244, 744.331, 744.358
Stats. Implemented: Sec. 5, Ch. 711, OL 2009
Disclaimer: These regulations may not be the most recent version. Oregon 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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