Each state requires that an individual or provider must be licensed in the state before any solicitation can commence. A formal registration form must be completed and submitted for approval. The viatical license must also be renewed annually. Most states charge a nominal fee from $25 – $200.
There are also reporting and examination requirements for most states. These disclosures require an annual financial statement verifying their healthy finanical condition.
To obtain a viatical license you must also provide a number of written consumer disclosures ranging from compensation to privacy to third party affiliations.
There are also requirements for individual brokers.
They are fairly simple:
- satisfy an application approval
- must be at least 18 years old
- must maintain a legal business
- must pass appropriate state by state exams
- pay appropriate fees
- must hold a clear and current insurance license.
There are other license requirements specific to each state. Visit your states insurance department website for details.
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