IC 27-8-19.8-1 and 760 IAC 1-61-1
Viatical Settlement Agents and Brokers
Agent – A viatical settlement agent is a person that solicits, offers, or attempts to negotiate a viatical settlement contract with a viator. An agent is deemed to represent only the viatical settlement provider. An agent may not seek or obtain any compensation from the viator in connection with the viatical settlement transaction.
Broker – A viatical settlement broker is a person or company that represents a viator and for a fee, commission, or other valuable consideration, solicits offers, or attempts to negotiate viatical settlements between a viator and one or more viatical settlement provider. A broker is deemed to represent only the viator’s interests and shall owe a fiduciary duty to the viator to act according to the viator’s instructions and in the viator’s best interests.
Agent and Broker Declaration Instructions
Items 1 & 2 are to be submitted by viatical Agent
Items 1 – 4 are to be submitted by viatical Broker
- Completed Viatical Agent/Broker Declaration Application form.
- Proof of licensure as an Indiana life producer per IC 27-1-15.6.
- Copy of any disclosure forms per IC 27-8-19.8-23 and 760 IAC 1-61-7 with Broker Disclosure Compliance Checklist .
- Copy of the brochure describing the viatical or life settlement process per IC 27-8-1938-23.
*A letter of Declaration will be sent to the applicant after the application is reviewed and approved. This Declaration is perpetual and does not require to be renewed as long as an Indiana life producer license is valid.
Please submit all materials to:
Company Admission Coordinator
Indiana Department of Insurance
311 W. Washington St, Suite 311
Indianapolis IN 46204
All forms used by a Broker must be approved by the Department before they are given to a viator. Please send the corresponding checklist along with the document(s). Documents to be approved include any disclosure form, contract, or brochure used.
- Broker Disclosure Compliance Checklist
- Broker Contract Compliance Checklist
- Broker Document Review Checklist- Utilized for all other forms excluding Broker Disclosure use the above.
Q. What is the definition of a Viatical Agent?
A. A viatical settlement agent is a person that solicits, offers, or attempts to negotiate a viatical settlement contract with a viator. An agent is deemed to represent only the viatical settlement provider. An agent may not seek or obtain any compensation from the viator in connection with the viatical settlement transaction
Q. What is the definition of a Viatical Broker?
A. A viatical settlement broker is a person/company that represents a viator and for a fee, commission, or other valuable consideration, solicits offers, or attempts to negotiate viatical settlements between a viator and one (1) or more viatical settlement providers. The broker is deemed to represent only the viator’s interests and shall owe a fiduciary duty to the viator to act according to the viator’s instructions and in the viator’s best interests.
Q. Is there a fee?
A. No. The declaration is not a license, rather it is a document that declares the individual or company will be acting as a agent/broker in the state. As long as the individual has a current life license, the broker/agent viatical declaration will remain active.
Q. Are there annual reporting requirements?
A. No.
Q. When does the declaration renew?
A. The declaration is perpetual, it does not renew.
Q. Who applies for an agent/broker declaration?
A. Any producer or producer organization that holds a valid Indiana life license. All individuals and companies acting as agents/brokers must have a declaration on file.
Q. If I am applying as a broker and I have a company do I need to apply in the company name and my own name?
A. Yes, you would need to file two application forms.
Q. What information should the agent/broker submit with their declaration?
A. All information requested in the application. The broker must also submit the disclosure form that will be used along with the disclosure checklist form found on our website.
Q. How long will it take for a declaration to be approved?
A. There is no formal approval time of viatical agent/broker declarations.
Viatical Settlement Providers
Provider License Application Instructions
A viatical settlement provider means a person or company that enters into a viatical settlement contract with a viator or obtains financing for the purchase, acquisition, transfer, or other assignment of one or more viatical settlement contracts, viaticated policies, or interests therein, or otherwise sells, assigns, transfers, pledges, hypothecates, or disposes of one or more viatical settlement contracts, viaticated policies, or interests therein.
Please submit the following items for Indiana Viatical Settlement Provider License:
- Completed Application for Licensure as Viatical Settlement Provider
- Licensing fee of $1,000.
- Copies of the applicant’s organization documents, including but not limited to:
- Articles of incorporation or association
- Partnership agreement
- By-laws
- Biographical Affidavits for all officers, directors, stockholders, investors, partners, trustees or members holding ten percent (10%) or more voting securities. All new biographical affidavits must be originally signed, dated and notarized.
- List of all business licenses
- Listing of parent, subsidiary and affiliated entities.
- A copy of the most current audited financial statement showing a net worth in the amount of not less than $150,000.
- A copy of any viatical settlement contract to be used, along with the Contract Compliance Checklist.
- A copy of any disclosure form to be used, along with the Disclosure Form Compliance Checklist.
- Plan of operation including escrow accounts and banks, advertising, marketing techniques.
- All non-resident applicants must submit a Uniform Consent to Service of Process form
Please submit Application to:
Company Admission Coordinator
Indiana Department of Insurance
311 W. Washington St, Suite 300
Indianapolis, IN 46204
- Initial Application
- Contract Compliance Checklist
- Disclosure Form Compliance Checklist
- Uniform Consent to Service of Process
- Biographical Affidavit
Q. What information should be submitted to the Department?
A. All information required in the application plus all forms that will be used in a viatical transaction. All applications and documentation must be sent via postal mail.
Q. What is the licensing fee?
A. The fee is $1,000
Q. What is the requisite net worth a provider must have?
A. $150,000 demonstrated by the most recent audited financial statement.
Q. How long does the process take?
A. The Department has 30 days to determine whether an application is complete. Once the application is deemed complete, the Department has thirty (30) days to approve or deny the license.
Q. How will the Provider know when their license has been approved?
A. Once the license is approved; the Department issues a license certificate to be used as evidence of licensure in Indiana. Also, all forms will be sent to the licensee with an approved stamp to indicate they have been approved.