Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-97 - Life settlement regulation › Section 284-97-020 - Licensing requirements for life settlement providers

Current through Register Vol. 24-14, July 15, 2024
(1) The application form and instructions for
			 obtaining a license as a life settlement provider are on the commissioner's web
			 site at
www.insurance.wa.gov
.
(2) The application for a license as a life
			 settlement provider shall furnish all of the applicable following information:
(a) The name of the applicant, its address,
			 and organizational structure.
(b)
			 Copies of its organizational documents, including but not limited to its:
			 Articles of incorporation and any amendments thereto, certificate of
			 incorporation and any amendments thereto, bylaws and any amendments thereto,
			 partnership agreement and any amendments thereto, articles of association and
			 any amendments thereto, certificate of formation of a limited liability company
			 and any amendments thereto, and limited liability company agreement and any
			 amendments thereto.
(c) The
			 identity of all: Stockholders holding ten percent or more of the voting
			 securities; investors holding a ten percent or greater interest; partners;
			 corporate officers; trustees; if an association, all of the members; all of the
			 members of a limited liability company; and parent and affiliate entities,
			 together with a chart showing the relationship of the applicant to any parent,
			 affiliated or subsidiary entities.
(d) A list of all stockholders holding ten
			 percent or more of the voting securities, investors holding a ten percent or
			 greater interest, partners, and officers of any parent or affiliate
			 entities.
(e) Biographical
			 affidavits of all its officers, directors, investors holding a ten percent or
			 greater interest, partners, members of a limited liability company, and members
			 (if an association).
(f) For
			 domestic life settlement providers, third-party verification reports from an
			 acceptable vendor for all its officers, directors, trustees, investors holding
			 a ten percent or greater interest, partners, members of a limited liability
			 company, and members (if an association). A vendor is acceptable if registered
			 with the National Association of Insurance Commissioners' Uniform Certificate
			 of Authority Application (NAIC UCAA) registry.
(g) A list of states in which the life
			 settlement provider is licensed on the date of application, a copy of each
			 effective license, and a list of the states in which it is or was doing
			 business.
(h) A list of all
			 business licenses from the federal and any state government, which has been
			 issued to the applicant, together with a certificate of incorporation from the
			 Washington secretary of state, and a statement showing the current status of
			 any such licenses, such as whether it has been revoked or suspended.
(i) A report stating whether any regulatory
			 action, by any level of state or federal government, is pending or has been
			 taken against the applicant or its officers, directors, trustees, investors
			 holding a ten percent or greater interest, partners, members of a limited
			 liability company, or members (if an association).
(j) A report stating whether any criminal
			 action or civil action has been taken, or is pending, against the applicant or
			 its officers, directors, trustees, investors holding a ten percent or greater
			 interest, partners, members of a limited liability company, or members (if an
			 association).
(k) A copy of its
			 most recent financial and operating reports, audited and unaudited.
(l) Copies of documents filed with the
			 federal Securities and Exchange Commission.
(m) A detailed plan of operations for the
			 applicant's business, including but not limited to information regarding or
			 identification of the following items in connection with the applicant's life
			 settlement business:
(i) Escrow accounts and
			 banks;
(ii) Advertising, brokerage,
			 or distribution system to be used;
(iii) Marketing techniques to be
			 used;
(iv) Marketing training
			 program; and
(v) Contract offering
			 and servicing facilities.
(n) For a nonresident provider, an
			 appointment of the commissioner to receive service of process and a designation
			 of the person to whom the commissioner shall forward legal process.
(o) A copy of the applicant's antifraud plan
			 that meets the requirements of
			 RCW
			  48.102.140.
(p) Such other information as the
			 commissioner may reasonably require.