Iowa Administrative Code › Agency 191 - Insurance Division › Viatical and Life Settlements › Chapter 48 - Viatical and Life Settlements › Rule 191-48.3 - License Requirements

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Viatical settlement provider.
a. To be considered for licensure as a
				viatical settlement provider pursuant to Iowa Code section
				508E.3, a
				person must file with the commissioner a completed viatical settlement provider
				license application in the format prescribed by the commissioner, submit to a
				criminal history check pursuant to Iowa Code section
				522B.5A,
				pay an application fee in the amount of $100, and provide the following:
(1) Copies of the viatical settlement
				provider's audited financial statements for the current year and each of the
				previous five years. At the commissioner's discretion, the applicant also shall
				provide a copy of the current year's consolidated annual audited financial
				statement with a financial guarantee from the provider's ultimate controlling
				person, and copies of the provider's unaudited financial statements for the
				current year and each of the previous five years;
(2) Evidence that the applicant maintains
				books and records in compliance with generally accepted accounting
				principles;
(3) If a legal entity
				intending to have any partners, officers, members, and designated employees act
				as viatical settlement providers or viatical settlement brokers under the legal
				entity's license pursuant to Iowa Code section
				508E.3, all
				completed forms, fees, and information required to be filed under subrule
				48.3(2) for each such person named in the application and any supplements to
				the application;
(4) Biographical
				affidavits, in a form prescribed by the commissioner, for the following:
				officers and directors (as listed on the most recent financial statement), key
				managerial personnel (including any vice presidents or other individuals who
				will control the operations of the applicant), and individuals with a 10
				percent or more beneficial ownership in the applicant who will exercise control
				over the applicant;
(5) An
				independent business character report on the individuals listed in subparagraph
				(4). The business character report shall be filed directly with the
				commissioner by the independent third party that certified the report. The
				business character report shall be in a format prescribed by the commissioner
				and shall not be older than one year prior to the date the application is
				filed. For purposes of this subparagraph, "business character report" means a
				statement certified by an independent third party which has conducted a
				comprehensive review of the applicant's background and has indicated that the
				biographical information provided in the report, as completed by the applicant,
				has no inaccurate or conflicting information. An independent third party is one
				that has no affiliation with the applicant and is in the business of providing
				background checks or investigations. Business character reports must be current
				and shall not be older than one year prior to the date the application is
				filed. The business character report shall be in the format prescribed by the
				commissioner;
(6) Initial viatical
				settlement contracts, disclosure statements, and advertising material that have
				been or are being submitted for approval and that have been approved or that
				are approved during the course of the application process pursuant to Iowa Code
				section
				508E.5;
(7) A copy of the provider trust, pursuant to
				48.3(1)
"c ";
and
(8) A report of any civil, criminal or
				administrative actions taken or pending against the viatical settlement
				provider in any state or federal court or agency, regardless of
				outcome.