Minnesota defines the business of viatical settlements to include any method of offering, soliciting, negotiating, or acquiring an interest in a life insurance policy by means of a viatical settlement contract, whether referred to as "life settlement", "viatical settlement," or any other term. Minnesota Department of Commerce Review Viaticals Forms and FAQ
All providers and brokers of viatical settlements must be licensed in Minnesota before operating in the state. An insurance producer who is currently licensed with the life line of authority and has been licensed in good standing for at least one year is exempt from licensure as a viatical settlement broker but must file an exemption form not later than 30 days from the first day of operating as a viatical settlement broker.
In addition, any person who is an appointed or contracted agent of a licensed viatical settlement provider who solicits or arranges the funding for the purchase of a viatical settlement by a viatical settlement purchaser and who is acting on behalf of a viatical settlement provider must now obtain a "viatical settlement investment agent" license in Minnesota before operating in the state. None |