La. Admin. Code tit. 37 § XIII-3905

Current through Register Vol. 50, No. 11, November 20, 2024

Section XIII-3905 - Life and/or Annuity Producers Acting as Brokers

A. A life insurance producer licensed in Louisiana who wishes to operate as a viatical settlement broker shall notify the Commissioner of Insurance, in writing, of his intent to act as a viatical settlement broker prior to acting as a broker. The notice shall include:

1. the full name and life insurance producer number of the entity which will be acting as a viatical settlement broker;

2. if a corporation, partnership, limited liability company or other non-natural person the full name and individual license number of each person in the entity which will be acting as a viatical settlement broker on behalf of the entity;

3. the notice shall be signed by the licensed producer, if a natural person or, if a corporation, partnership, limited liability or other non-natural person, an authorized officer or other such representative of the entity.

B. Pursuant to R.S. 22:1792.A(1) any person licensed as a life and/or annuity producer acting as viatical settlement broker shall be subject to all provisions of this Part applicable to a licensed viatical settlement broker until such time as that producer has notified the department, in writing, of his intent to no longer act as a viatical settlement broker.

La. Admin. Code tit. 37, § XIII-3905

Promulgated by the Department of Insurance, Office of the Commissioner, LR 35:2452 (November 2009).

AUTHORITY NOTE: Promulgated in accordance with R.S. 22:11, 22:1804, and the Administrative Procedure Act, R.S. 49:950 et seq.