Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-9 - Viatical Settlement Providers and Stranger-originated Life Insurance › Section 3901-9-02 - Viatical settlement broker license and registration of insurance agents operating as a viatical settlement broker

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to provide standards for applicants
				applying for initial licensure as a viatical settlement broker in this state or
				a renewal of a previously issued license and to the registration of insurance
				agents operating as a viatical settlement broker. This rule also provides form
				filing requirements and fees for licenses, renewals, and form approvals.
(B) Authority
This rule is promulgated under the authority granted the
				superintendent of insurance pursuant to sections
				3901.011,
				3901.041,
				3901.19
				to
				3901.26,
				3916.05,
				and
				3916.20 of the Revised
				Code.
(C) Applicability and
			 scope
This rule applies to all persons applying for or renewing a
				license or who are currently licensed as a viatical settlement broker in this
				state and to all persons licensed as a life insurance agent registering or
				registered to operate as a viatical settlement broker in this state.
(D) Definitions
The definitions from Chapter 3916. of the Revised Code are
				incorporated by reference herein. The following are terms used in this
				rule:
(1) "Applicant" means a person
			 who is applying to be licensed or applying to renew a license as a viatical
			 settlement broker.
(2) "Incidental"
			 means, for the purpose of a licensed life insurance agent acting as a viatical
			 settlement broker under the statutory exception set forth in division (C)(2) of
			 section
			 3916.02
			 of the Revised Code, executing not more than five viatical settlement contracts
			 within any annual registration period.
(3) "Home state" means the state or territory
			 of the United States, including the District of Columbia, in which an insurance
			 agent or viatical settlement broker maintains the life insurance agent's or
			 viatical settlement broker's principal place of residence or principal place of
			 business and is licensed to act as an insurance agent or viatical settlement
			 broker.
(4) "Insurance agent" shall
			 have the same meaning as is set forth in division 
									(F) of section
			 3905.01
			 of the Revised Code.
(5) "License"
			 means the authority issued by the superintendent to a person to act as an
			 insurance agent with a life insurance line of authority or as a viatical
			 settlement broker, but that does not create any actual, apparent, or inherent
			 authority in the person to represent or commit an insurer.
(6) "Life line of authority" means authorized
			 in this state to sell life insurance products under an agent license in
			 accordance with division (B)(1) of section
			 3905.06
			 of the Revised Code.
(7) "Person"
			 means an individual or a business entity.
(8) "Registered life insurance agent" means
			 an insurance agent who meets the standards set forth in division (C)(2) of
			 section
			 3916.02
			 of the Revised Code and who has registered, as set forth in this rule, with the
			 superintendent of insurance. The registered life insurance agent may operate as
			 a viatical settlement broker in this state, provided that the agent's viatical
			 settlement broker activities are incidental to the agent's regular life
			 insurance business activities as defined in this rule.
(9) "Viatical settlement broker activities"
			 means engaging in the viatication of one or more life policies, as defined by
			 division (J) of section
			 3916.01
			 of the Revised Code, for compensation, on behalf of a viator or policy owner
			 who resides in this state.