Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 31 - Miscellaneous › Article 3 - Viatical Settlements › 3 AAC 31.340 - License renewal

Current through May 31, 2024
(a) Except as provided in
				  3 AAC 31.300 -
				  3 AAC 31.449, the director will renew a viatical
				  settlement provider, viatical settlement broker, or viatical settlement
				  representative license biennially on a date consistent with
				  3 AAC 23.860, if the licensee continues to be qualified
				  under 3 AAC 31.300 -
				  3 AAC 31.449 and on or before the close of business on
				  the renewal date, meets all renewal requirements under
				  3 AAC 23.860. A licensee is responsible for knowing the
				  date that a license lapses and for renewing a license before the expiration
				  date of the license.
(b) If a
				  viatical settlement provider, viatical settlement broker, or viatical
				  settlement representative fails to pay the renewal fee and meet all renewal
				  requirements on or before to the expiration date, the license lapses. A
				  licensee may not act as or represent to be a viatical settlement provider,
				  viatical settlement broker, or viatical settlement representative during the
				  time a license is lapsed. The director may reinstate a lapsed license if the
				  person continues to qualify for the license, pays the applicable license
				  renewal fees set out in
				  3 AAC 31.025, and pays the applicable delayed renewal
				  penalty fee set out
				  3 AAC 31.060(a). Reinstatement does not
				  exempt a person from a penalty provided under
				  AS
				  21.96.110 for transacting business while
				  unlicensed. A license may not be renewed if it has lapsed for two years or
				  longer.
(c) If a licensee does not
				  wish to renew a license issued under
				  AS
				  21.96.110 and
				  3 AAC 31.300 -
				  3 AAC 31.449, the licensee shall surrender the license
				  to the director on or before the close of business on the renewal date in the
				  manner prescribed in
				  AS
				  21.27.460.
(d) If a viatical settlement provider has in
				  force, at the time of license renewal, viatical settlement contracts with
				  viators in which the insureds are still living, the viatical settlement
				  provider shall
(1) renew the license until
				  the viatical settlement provider assigns, sells, or otherwise transfers each
				  viatical settlement contract in which an insured is still living, or until each
				  insured who is subject to a viatical settlement contract has died, whichever
				  occurs first; or
(2) appoint, in
				  writing, one of the following to make all inquiries in compliance with
				  3 AAC 31.385 to the viator or insured, or the viator's
				  or insured's designee, regarding the health status of the viator and other
				  pertinent matters:
(A) the licensed viatical
				  settlement provider who entered into the viatical settlement
				  contract;
(B) the licensed viatical
				  settlement broker who received commissions from the viatical
				  settlement;
(C) another licensed
				  viatical settlement provider or viatical settlement broker.