An activity involved, but not limited to, in the offering, solicitation, negotiation, procurement, effectuation, purchasing, investing, financing, monitoring, tracking, underwriting, selling, transferring, assigning, pledging, or hypothecating or in any other manner acquiring an interest in a policy by means of viatical settlement contracts.
Viatical Settlement Broker
A person that, on behalf of a viator and for a fee, commission, or other valuable consideration, offers or attempts to negotiate viatical settlements between a viator and one or more viatical settlement providers or viatical settlement brokers. “Viatical settlement broker” does not include an attorney, a certified public accountant, or a financial planner accredited by a nationally recognized accreditation agency, who is retained to represent the viator, whose compensation is not paid directly or indirectly by the viatical settlement provider or purchaser.
Registered Viatical Settlement Life Agent
An individual insurance agent, in good standing, who has been licensed as a resident or nonresident insurance agent with a lifeline of authority in this state for at least five years may operate as a viatical settlement broker without obtaining a license pursuant ORC 3916 if the viatical settlement broker activities of the insurance agent are incidental to the insurance agent’s insurance business activities as defined in Ohio Administrative Rule 3901-9-02. Life agents must register with the Ohio Department of Insurance in order to qualify as a Registered V.S. Life Agent. Registration automatically expires on March 31st of each year unless a new registration is submitted.
Viatical Settlement Provider
A person, other than a viator, that enters into or effectuates a viatical settlement contract.
Individual Viatical Settlement Broker Applications
- Initial Application
- Renewal Application (Continuing Education Requirements)