| License Description |
Individuals and business entities that are licensed as a life agent for at least one year are required to notify CDI within ten days from the first day of operating as a life settlement broker. Whereas, individuals and business entities that do not hold a life agent license or life agents who have been licensed for less than one year who intend to operate as a life settlement broker must first obtain a Life Settlement Broker license.
Individuals Licensed as a Life Agent for At Least One Year
Step 1 - Not later than ten days from the first day of operating as a life settlement broker, life agents licensed in California for at least one year must complete a Life Producer Notification of Brokering Life Settlements, form LIC 441-20N. This requirement applies to both California resident and nonresident licensees.
Step 2 - The Life Producer Notification includes an Applicant Certification which requires the applicant to certify that they have reviewed California Insurance Code sections 10113.1 through 10113.3 of the and California Code of Regulations, Title 10, section 2548.1 et seq. (Life Settlements) . In addition, the applicant must certify their understanding that pursuant to California Insurance Code sections 10113.1(g)(2)(D) and 10113.2(b) any false statement may subject their application to denial and may subject their license/s to suspension or revocation.
Step 3 - The fee for the Life Producer Notification is $188 which is for a two-year period. To continue Brokering Life Settlements, the Life Producer Notification will need to be renewed on the same date that the life agent license expires. Therefore, Life Agents with less than 12 months left in their license period will only pay $94 for the initial Life Producer Notification.
Step 4 - Mail the completed Life Producer Notification of Brokering Life Settlements, form LIC 441-20N and the fee to the following address:
California Department of Insurance
P.O. Box 1139
Sacramento, CA 95812-1139
All fees are filing fees and are not refundable, whether or not the Notification is acted upon.
Individuals Not Licensed as a Life Agent or Licensed as a Life Agent for Less than One Year
Step 1 - Individuals that plan to broker life settlements who are not licensed as a life agent or individuals that have held a life agent license for less than one year must complete an Individual Application for Life Settlement Broker License, form LIC 441-20, to operate as a life settlement broker.
Step 2 - The Individual Application for Life Settlement Broker License includes an Applicant Certification which requires the applicant to certify that they have reviewed California Insurance Code sections 10113.1 through 10113.3 and California Code of Regulations, Tittle 10, sections 2548.1 et seq. (Life Settlements). In addition, applicants must certify their understanding that pursuant to California Insurance Code sections 10113.1(g)(2)(D) and 10113.2(b), any false statement may subject their application to denial and may subject their license/s to suspension and revocation.
Step 3 - The fee for the Individual Application for Life Settlement Broker License is $188, which is for a one-year period. To continue brokering life settlements, the life settlement broker license will need to be renewed annually. If the individual is also licensed as a life agent, at the one year anniversary of the life agent license the life settlement broker becomes eligible for the two year life settlement notification.
Step 4 - Individuals who are not licensed as a life agent or individuals that have held a life agent license for less than one year must complete 15 hours of education related to life settlements and life settlement transactions, as required and approved by the Commissioner, prior to operating as a broker. Certificates of Completion verifying completion of the 15 hours of education must be submitted with the Individual Application for Life Settlement Broker License. To find a Life Settlement Broker course, select the Education Provider and Course Search to retrieve the list of available life settlement broker courses.
Step 5 - Fingerprint impressions are required for unlicensed applicants and can be submitted at any time, including prior to submitting the life settlement broker license application. Please select one of the following links for instructions: California Resident Licensing Fingerprint Requirements or Non-Resident Licensing Fingerprint Requirements.
Step 6 - Mail the completed Individual Application for Life Settlement Broker License, form LIC 441-20, the fee, and, for individuals not licensed as a life agent, the Certificate of Completion for the 15-Hour Life Settlement Broker course to the following address: California Department of Insurance, P.O. Box 1139, Sacramento, CA 95812-1139.
All fees are filing fees and are not refundable, whether or not the application is acted upon.
Authority: California Insurance Code sections 10113.1 through 10113.3.
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