Section 230-RICR-20-60-10.6 - Provider LicensingA. No person may act as or hold himself or herself out as a life settlement provider without first obtaining a license from the Department.B. Every applicant for a provider license must submit an application to the Department. Applicants must fulfill the requirements set forth in the application and pay a fee of one thousand dollars ($1,000) to the Department. The items to be filed shall include: 1. A copy of the most recent audited financial statement, or if an audited financial statement is not available, the Department may accept a financial statement certified as true and accurate by the chief financial officer of the applicant. If the provider does not have a Chief Financial Officer it must so state and be certified by the Chief Executive Officer or President. The financial statement must demonstrate suitable fiscal soundness and capacity for the life settlement provider to operate and meet its obligations.2. A copy of articles of incorporation and by-laws of the applicant.3. A listing of officer and directors, NAIC Biographical Affidavits for each officer, director, partner or sole proprietor and a detailed description of ownership of the provider.4. A detailed plan of operation that addresses: a. A description of the organizational structure of the applicant and all affiliates.b. A description of the procedures used by the applicant to ensure that life settlement proceeds will be sent to the owner within three business days.c. A description of the procedures used by the applicant to ensure that the insured's identity, identification data, financial and medical information are kept confidential.d. A description of the applicants' anti fraud program.e. Copies of all contracts, applications and disclosure forms intended for use in Rhode Island. These documents must include the consumer disclosure form to be used with regard to every contract entered into in Rhode Island.C. The Department may deny, at its sole discretion, a provider application for any of the following reasons: 1. Failure to provide complete or true and accurate information requested on the application.2. A determination that the applicant is not competent and trustworthy or does not intend to transact its business in good faith.3. A determination that the applicant does not have a good business reputation.4. A determination that the applicant or any officer, director or employee thereof does not have the experience, training or education to be qualified as a life settlement provider.D. Failure to file the annual report or pay the annual fee as set forth in § 10.10 of this Part shall result in immediate suspension of the license and shall be a basis to permanently revoke the license or take whatever other action is warranted pursuant to R.I. Gen. Laws §§ 27-72-6 and 42-14-16.E. A life settlement provider who obtains a license during a calendar year is required to file an annual report for the partial year of operation and pay the full annual report fee. Application for a partial year of licensing requires a complete application and fee as the Department does not prorate license fees.F. The Department may contract with non-governmental entities, including the NAIC or any affiliates or subsidiaries that the NAIC oversees, to perform any ministerial functions, including the collection of fees and data, related to licensing that the Department may deem appropriate.G. All providers shall designate an agent for service of process within the state of Rhode Island and shall keep the Department informed of any changes in that designation.H. A provider may not engage in activities requiring licensure with any person not licensed as a broker whose actions would require licensure as a broker.I. Providers must comply with R.I. Gen. Laws § 27-72-6(c) and Part 7 of this Subchapter concerning non-public personal information.230 R.I. Code R. 230-RICR-20-60-10.6