Residents
To obtain your broker’s license you must have been licensed as a life insurance producer for at least 12 months. If you are a resident life insurance producer and have been licensed for 12 months, this permits you to apply for a Viatical Settlement Brokers license by completing following steps:
- Complete a one-time training requirement of four (4) hours entitled “Viatical/Life Settlement” and;
- submit the Viatical Settlement Brokers application and;
- Pay the $500.00 registration fee.
Resident brokers are required to complete ongoing training of no less than four (4) hours within 24 months of the completion of the original course and every 24 months thereafter for renewal of the broker’s registration.
Non-Residents
To obtain a Viatical 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 and met the following requirements:
- 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 $500.00 registration fee.
It is the Viatical Providers’ responsible for ensuring the Brokers have completed the the required training and ongoing training. Non-resident brokers must complete the ongoing four hour training every 24 months to renew their Viatical broker’s license.