LIS

Virginia Law

Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 71. Rules Governing Viatical Settlement Providers and Viatical Settlement Brokers
11/21/2024

14VAC5-71-40. License requirements for viatical settlement brokers.

A. No person shall act as a viatical settlement broker with a resident of this Commonwealth without first obtaining a license from the commission as set forth in § 38.2-1865.1 of the Code of Virginia.

B. A viatical settlement broker shall submit an application on a form required by the commission.

C. The application shall be accompanied by a fee of $50. The license may be renewed annually by submitting a renewal form and payment of a fee of $50 on or before June 1 of each year. Failure to submit a renewal form and fee within the time prescribed shall result in an automatic expiration of the license on June 30.

D. The license shall be a limited license that allows solicitation only of viatical settlements.

E. Prelicensing examination and continuing education required of agents in §§ 38.2-1815, 38.2-1817, and 38.2-1866 of the Code of Virginia shall not apply to viatical settlement brokers.

F. The commission may require such additional information as is necessary to determine whether the applicant complies with the requirements of § 38.2-1865.1 of the Code of Virginia.

Statutory Authority

§§ 12.1-13 and 38.2-223 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 14, Issue 2, eff. October 15, 1997; amended, Virginia Register Volume 19, Issue 1, eff. September 4, 2002; Volume 20, Issue 5, eff. November 1, 2003.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.