(a)
Application. An
individual or firm applying for an initial or renewal license as a broker or
provider shall submit an application to the office in the form prescribed by
the office. With the application, the individual or firm shall submit all of
the following:
1. If the applicant is a
broker, with the initial application, a professional liability insurance policy
in the amount of $1 million total annual aggregate for all claims during the
policy period. Proof that the required professional liability insurance policy
continues in force shall accompany each renewal application.
2. If the applicant is a provider, applicants
shall provide satisfactory evidence of financial responsibility in compliance
with s.
632.69(2) (g) 4 a., Stats.
3. If the applicant is a provider, audited
financial statements of the applicant for the most recently completed fiscal
year. The financial statements shall be available for public
inspection.
4. Electronic
confirmation of completion of the training requirements under s.
632.69(3),
Stats., and sub. (4) if electronic confirmation is available. If electronic
confirmation is not available the applicant shall provide evidence satisfactory
to the commissioner of completion of the training requirements.
5. Any documentation required in answer to
questions on the application.
6. If
the applicant is an individual, his or her social security number or, if the
applicant does not have a social security number, a statement made or
subscribed under oath or affirmation that the applicant does not have a social
security number, and a statement that he or she intends to act as a broker or
provider in good faith and in compliance with all applicable laws of this state
and rules and orders of the commissioner.
7. If the applicant is a firm applying for a
broker's license, the applicant must identify a designated responsible
Wisconsin-licensed individual representative on the application.
8. If the applicant is a firm, its federal
identification number, the state and year of its incorporation, or year of its
formation and a statement that it intends to act as a broker or provider in
good faith and in compliance with all applicable laws of this state, and with
rules and orders of the commissioner and the courts of this state with respect
to all matters pertaining to activities as a licensee.
9. If the applicant is an individual who is
not a resident of this state or a firm that is not organized under the laws of
this state, a statement that the applicant agrees to be subject to the
jurisdiction of the commissioner and the courts of this state with respect to
all matters pertaining to activities as a licensee and to accept service of
process as provided under ss.
601.72 and
601.73,
Stats. A firm that is organized under the laws of another state shall provide a
certificate of good standing from the state of domicile.
10. Fingerprint identification may be
required for individual resident broker applicants and the Wisconsin-licensed
individual representative of a broker firm, in a format specified by the
commissioner, and an electronic confirmation of criminal history from the
Wisconsin department of justice, crime information bureau, and the federal
bureau of investigation, to be completed not more than 180 days prior to making
application.
11. Any other
information requested by the office.
12. The fee specified under s.
601.31(1) (mm) or (mp), Stats., as appropriate for a provider,
or s.
601.31(1) (mr) or (ms), Stats., as appropriate for a broker,
which fee shall be nonrefundable.
(c)
Competence and
trustworthiness. The following criteria may be used in assessing
trustworthiness and competence:
1. `Criminal
record.' The conviction for crimes which are substantially related to the
circumstances of holding a broker or provider license.
2. `Accuracy of information.' Any material
misrepresentation in the information submitted on the application
form.
3. `Regulatory action.' Any
regulatory action taken with regard to any occupational license held, including
insurance licenses, real estate licenses, and security licenses.
4. `Other criteria.' Other criteria which the
commissioner considers relevant in assessing trustworthiness or competence,
including any of the following:
a. Providing
incorrect, misleading, incomplete, or materially untrue information in the
license application.
b. Violating
any insurance laws, or violating any rule, subpoena, or order of the insurance
commissioner or of another state's insurance commissioner.
c. Obtaining or attempting to obtain a
license through misrepresentation or fraud.
d. Improperly withholding, misappropriating,
or converting any monies or properties received in the course of engaging in
the business of life settlements.
e. Misrepresenting the terms of an actual or
proposed life settlement contract.
f. Having been convicted of any felony or
misdemeanor of which criminal fraud is an element or having plead other than
not guilty with respect to any felony or misdemeanor of which criminal fraud or
moral turpitude is an element, regardless whether a judgment of conviction has
been entered by the court.
g.
Having admitted or been found to have committed any unfair trade practice or
fraud.
h. Using fraudulent,
coercive, or dishonest practices, or demonstrating incompetence,
untrustworthiness, or financial irresponsibility in the conduct of business in
this state or elsewhere.
i. Having
a life settlement license or its equivalent, denied, suspended, or revoked in
any other state, province, district, or territory.
j. Forging another's name to an application
or to any document related to a life settlement transaction.
k. Failing to comply with an administrative
or court order imposing a child support obligation.
L. Failing to pay state income tax or comply
with any administrative or court order directing payment of state income
tax.