Illinois

Viatical Settlement Brokers Training Information There is a new training and registration requirement for producers and business entities that operate as a Viatical Settlement Broker effective July 01, 2010 Residents No person shall act as a Viatical Settlement Broker (broker) without first obtaining a broker’s license from this Department. To obtain a broker’s license you must have been licensed as a life insurance producer for at least 12 months. Resident producer who has been licensed as a life insurance producer for 12 months may apply for a Viatical Settlement Brokers license by completing an one time training requirement of four (4) hours and submit the Viatical Settlement Brokers application and $500.00 registration fee. Resident Producers are required to take a specific course entitled, “Viactical/Life Settlement” course number 28000. This course can be applied to the producer’s continuing education requirement. Upon completion of this course you will be presented with a certificate of completion, retain the original certificate for your records. Further, resident producers are required to complete four (4) hours of continuing education for renewal of the broker’s registration. Non-Residents No person shall act as a Viatical Settlement Broker without first obtaining a broker’s license from this Department. To obtain a broker’s license you must apply for an Illinois non-resident Life Producer License and have been licensed as a Life Producer in your home state for at least one year; complete the one time four (4) training course, (the satisfaction of this training requirement in any state shall be deemed to satisfy the training requirement in this state); and complete the Viatical Settlement Brokers application and pay the registration fee in the amount of $500.00. Resident and Non-resident Business Entity Viatical Settlement Brokers Each entity operating as a Business Entity Viatical Settlement Broker must first obtain a license from this Department by submitting a Viatical Settlement Broker Business Entity application and a registration fee in the amount of $500.00. The designated responsible producer must be licensed as an insurance producer with the life line of authority for at least one year and be licensed as a viatical settlement broker in this State.