In order to be a licensed life settlement broker a person must complete which of the following

Update contact information

• You must notify us immediately of changes to your contact information, legal name, or business name or address.
• Fill out the Application for Renewal, Surrender, or Change of Information for Life Settlement Provider or Broker [Form FIN431]

Print license

Please contact to request a copy of your license.

Continuing education credits

• Individual Requirement: A life settlement broker must complete at least 15 hours of department-certified life settlement continuing education during each two-year license period.
• Entity Requirement: Each owner, partner, director, member, officer, and designated employee must complete at least 15 hours of department-certified life settlement continuing education during the two-year license period.

The 15 hours of continuing education that a broker must complete during each two-year license period must include:

• at least six hours on the duties of life settlement brokers under Insurance Code Chapter 1111A, the requirements of this subchapter, and additional topics addressing statutes enacted and rules adopted subsequent to the effective date of this section, provided that the statutes or rules relate specifically to life settlement contracts;
• at least three hours on ethics and consumer protection; and
• at least six hours on life insurance.

Exemptions: A life settlement broker is not subject to the requirements if:

• the life settlement broker or the owner, partner, director, member, officer, or designated employee of the life settlement broker has been associated with the licensed entity for less than two years; or
• the life settlement broker holds a life insurance agent license or acts solely as a life expectancy estimator. A life insurance agent must continue to meet all applicable license and continuing education requirements for the life insurance agent license.

License renewal

• Renew online by using Sircon. Review the following tutorials before starting the application process:
  • Life Settlement Broker Individual Renewal application [PDF]
  • Life Settlement Broker Entity Renewal application [PDF]
• The renewal application fee is  $50 [non-refundable].
• The late fee is $25.

Cancel license

Surrender by paper form: Fill out the Application for Renewal, Surrender, or Change of Information for Life Settlement Provider or Broker [Form FIN431].

Letter of certification

You can ask for a letter of certification [proof you have a license in Texas] by going to Sircon. You will need to pay $11, plus any additional fees Sircon might charge.

Exam

You do not need to take an exam for a life settlement broker license.

Fingerprint background check

• Most people who apply for a license must: [1] get a fingerprint background check from  IdentoGO, and [2] send us a copy of the  IdentoGO receipt showing that their fingerprints were sent to the Texas Department of Public Safety.
• Some people can ask for an exemption from getting a fingerprint background check. To learn more, see the  Texas Administrative Code.
• You do not need to get a fingerprint background check if:
  • You live in Texas and have: [1] an active license or registration with us, and [2] already submitted fingerprints.
  • You don’t live in Texas, but you send one of the following with your application:
    • Your criminal history record from your state’s law enforcement agency.
    • Your current Certificate of Good Standing from your state.
  • To schedule a fingerprint appointment, go to IdentoGO or call 888-467-2080. Use  service code 11G6QF when making the appointment.
  • To learn more, read the  fingerprinting requirements and instructions.

Application: individual or agency

• If you want to apply for an individual license:

  • If you: [1] have been licensed as a life or health insurance agent for at least one year in your resident state, and [2] if you want to act as a sole proprietor:

    Use the Life Insurance Agent Notification to Act as a Life Settlement Broker [Form FIN432] to apply.

  • If you: [1] don't already have a life or health insurance license, [2] have been licensed as a life or health insurance agent for less than a year, or [3] have been licensed for at least one year, but you do not want to act as a sole proprietor:

    Use License Application for a Life Settlement Provider or Broker [Form FIN430] to apply.

• If you want to apply for an agency license:
  • Apply online by using Sircon. Review the following tutorials before starting the application process.
    • Resident Entity Life Settlement broker/expectancy estimator application tutorial [PDF]
    • Non-Resident Entity Life Settlement broker/expectancy estimator application tutorial [PDF]
    • Documents that must be attached to your Life Settlement broker/expectancy estimator license application.
• The application fee is $50.
• Tips for successful application processing.

Temporary license

A temporary license is not offered for a life settlement broker license.

Emergency license

An emergency license is not offered for a life settlement broker license.

Provisional permit

A provisional permit is not offered for a life settlement broker license.

Laws: Texas Insurance Code

Life Settlements are licensed under Texas Insurance Code [TIC] Chapter 1111A and regulations are found in 28 Texas Administrative Code [TAC] Chapter 3. Life Settlements can be both an insurance product and a securities product. This may subject them to the jurisdiction of the Texas Department of Insurance and the State Securities Board [SSB]. However, only the initial transaction, which is the sale of the policy from the initial policy owner to the provider [negotiated by the broker] is regulated by the Texas Department of Insurance.