Life Settlements

Carefully review laws governing life settlements, including but not limited to Arizona Revised Statutes ("ARS") Title 20, Chapter 22 and ARS §§ 44-1841 through 44-1850. Also review Regulatory Bulletin 2013-03, which pertains to pre-approved disclosure forms.

LIFE SETTLEMENT BROKERS

To obtain life settlement broker authority:

Notify the Department of Insurance within the first 30 days of operating as a broker (ARS § 20-3202(F)(2)) using Form L-LSB.

Pay the life settlement broker license fee. The fee is:

  • $500 to add life settlement broker authority to a license that expires in 2 years or more.
  • $250 to add life settlement broker authority to a license that expires in less than 2 years.

Make sure your license is updated to reflect your authority to act as a life settlement broker.

Comply with Arizona Corporation Commission requirements

 

See the LIFE SETTLEMENT DOCUMENTS section of this web page for additional requirements.

LIFE SETTLEMENT PROVIDERS

To obtain a life settlement provider certficiate of authority:

Form E-LSP-I: Life Settlement Provider Application Instructions provides a list of requirements that you must fuffill to obtain a Life Settlement Provider Certificate of Authority. The following are only some of the documents you will need to complete and provide::

LIFE SETTLEMENT DOCUMENTS

A person may not use in Arizona any life settlement contract, a life settlement disclosure statement form, or a verification of coverage form unless it is filed with and approved by the director. See Regulatory Bulletin 2013-03 concerning pre-approved forms.

 

Form P-VOC: Request for Verification of CoverageA provider, broker or producer must use Form P-VOC (a form approved by the director) when requesting an insurance company to verify information about the life insurance policy that an owner has expressed interest in selling under a life settlement contract. ARS § 20-3211(B).

 

Form P-LSC: Life Settlement Contract Checklist (Updated 9/26/2013).This form lists requirements that life settlement contracts must satisfy. Use the NAIC System for Rate and Form Filings ("SERFF"), accessible at http://www.serff.org to file your completed Form P-LSC accompanied by the life settlement contract documents.

 

Form P-LSDO: Life Settlement Provider/Broker Disclosures to Owner (Updated 9/17/2013). This document has been approved by the Department of Insurance and it does not need to be filed with the Department by a broker or provider. A provider or broker may use this form to provide an owner with disclosures that are required by ARS § 20-3204(A) and (B). A provider or broker who intends to use a different form must submit the form for approval using the NAIC System for Rate and Form Filings ("SERFF"), accessible at http://www.serff.org

 

Form P-LSA: Life Settlement Affiliations (Updated 9/17/2013). This document has been approved by the Department of Insurance and it does not need to be filed with the Department by a broker or provider. Use this form in conjunction with Form P-LSDO. A provider or broker who intends to use a different form must submit the form for approval using the NAIC System for Rate and Form Filings ("SERFF"), accessible at http://www.serff.org

 

Form P-LSBD: Life Settlement Broker Dislosures to Owner and Provider (Updated 9/17/2013). This document has been approved by the Department of Insurance and it does not need to be filed with the Department. A broker may use this form to provide the owner and provider with disclosures that are required by ARS § 20-3204(C). A broker who intends to use a different form must submit the form for approval using the NAIC System for Rate and Form Filings ("SERFF"), accessible at http://www.serff.org