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Registered Viatical Settlement Life Agents

Registered Viatical Settlement Life Agents

Registration and requirements for a life insurance agent to operate as a viatical settlement broker under the exception to the viatical settlement broker licensing set forth in division (C)(2) of section 3916.02 of the Revised Code and is defined in Ohio Administrative Rule 3901-9-02. 

A registered life insurance agent is only permitted to provide viatical settlement broker services when such activity is incidental to the insurance agent's business activities as defined in Ohio Administrative Rule 3901-9-02.  Registered life insurance agents shall use only forms that have been previously filed by licensed viatical settlement brokers or viatical settlement providers and approved by the superintendent for use in this state.

Any individual life insurance agent who intends to operate in this state as a viatical settlement broker and meets the requirements of division (C)(2) of section 3916.02 of the Revised Code shall register annually with the superintendent of insurance as a registered life insurance agent on a form designated for that purpose by the superintendent.

Registered life insurance agent registrations expire on March thirty-first of each succeeding year unless the agent submits a new registration form to the superintendent prior to the expiration date each year. 

Registered life insurance agents are exempt from the continuing education requirements set forth in section 3916.03 of the Revised Code.

The superintendent shall cancel a licensed insurance agent's registered life insurance agent registration upon the occurrence of the following events:

  1. The registered life insurance agent is granted a viatical settlement broker license in this state; or
  2. The registered life insurance agent no longer meets the requirements of division (C)(2) of section 3916.02 of the Revised Code.

All individual life insurance agents acting as viatical settlement brokers under the exemption set forth in division (C)(2) of section 3916.02 of the Revised Code are subject to the provisions of Chapter 3916. of the Revised Code and the rules promulgated thereunder.