Textbook Version – This course is designed to meet the requirement of Public Act 96-0736 dealing with viatical settlements includes the government regulations and laws, tax implications, effect of viaticals on the public, alternatives to a viatical, and lastly the requirements of suitability.
There is a training and registration requirement for resident producers and business entities that operate as a Viatical Settlement Broker. The life licensee must be licensed for at least one year and complete a four-hour training course, and submit the Viatical Settlement Brokers application and $500.00 registration fee. 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, residents must complete a four hour course on Viatical Settlement prior to renewing their Broker’s license.
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.