Viatical Settlements: -Broker / Exemption -Individual Broker -Investment Agent -Provider

Exam

No exam

Education

None

Experience

None

Background check

Specific type of conviction prohibited

<p xmlns="http://www.w3.org/1999/xhtml">Minnesota defines the business of viatical settlements to include any method of offering, soliciting, negotiating, or acquiring an interest in a life insurance policy by means of a viatical settlement contract, whether referred to as "life settlement", "viatical settlement," or any other term. Minnesota Department of Commerce</p> <p style="font-family: Arial; font-size: 10pt;" xmlns="http://www.w3.org/1999/xhtml"><strong>Review <a href="https://mn.gov/commerce/industries/insurance/licensing/#7">Viaticals Forms and FAQ</a> <br /></strong></p> <p xmlns="http://www.w3.org/1999/xhtml">All providers and brokers of viatical settlements must be licensed in Minnesota before operating in the state.<span>Â </span>Â An insurance producer who is currently licensed with the life line of authority and has been licensed in good standing for at least one year is exempt from licensure as a viatical settlement broker but must file an exemption form not later than 30 days from the first day of operating as a viatical settlement broker.</p> <p xmlns="http://www.w3.org/1999/xhtml">In addition, any person who is an appointed or contracted agent of a licensed viatical settlement provider who solicits or arranges the funding for the purchase of a viatical settlement by a viatical settlement purchaser and who is acting on behalf of a viatical settlement provider must now obtain a "viatical settlement investment agent" license in Minnesota before operating in the state.</p> None