{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-4055.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-4055.3","heading":"License required - Application procedures - Renewal -","body":"Authority granted by license - Nonresidents - New or revised\n\ninformation - Training.\n\nA. 1. A person shall not operate as a viatical settlement\n\nprovider or viatical settlement broker without first obtaining a\n\nlicense from the Insurance Commissioner of the state of residence of\n\nthe viator.\n\n2. a. A life insurance producer who has been duly licensed\n\nas a resident insurance producer with a life line of\n\nauthority in this state or his or her home state for\n\nat least one (1) year and is licensed as a nonresident\n\nproducer in this state shall be deemed to meet the\n\nlicensing requirements of this section and shall be\n\npermitted to operate as a viatical settlement broker.\n\nb. Not later than thirty (30) days from the first day of\n\noperating as a viatical settlement broker, the life\n\ninsurance producer shall notify the Commissioner that\n\nhe or she is acting as a viatical settlement broker on\n\na form prescribed by the Commissioner, and shall pay\n\nany applicable fee to be determined by the\n\nCommissioner. Notification shall include an\n\nacknowledgement by the life insurance producer that he\n\nor she will operate as a viatical settlement broker in\n\naccordance with the Viatical Settlements Act of 2008.\n\nc. The insurer that issued the policy being viaticated\n\nshall not be responsible for any act or omission of a\n\nviatical settlement broker or viatical settlement\n\nprovider arising out of or in connection with the\n\nviatical settlement transaction, unless the insurer\n\nreceives compensation for the placement of a viatical\n\nsettlement contract from the viatical settlement\n\nprovider or viatical settlement broker in connection\n\nwith the viatical settlement contract.\n\n3. A person licensed as an attorney, certified public\n\naccountant or financial planner accredited by a nationally\n\nrecognized accreditation agency, who is retained to represent the\n\nviator, whose compensation is not paid directly or indirectly by the\n\nviatical settlement provider, may negotiate viatical settlement\n\ncontracts on behalf of the viator without having to obtain a license\n\nas a viatical settlement broker.\n\nB. Application for a viatical settlement provider or a viatical\n\nsettlement broker license shall be made to the Commissioner by the\n\napplicant on a form prescribed by the Commissioner. The application\n\nshall be accompanied by a fee of Five Hundred Dollars ($500.00).\n\nC. Licenses may be renewed from year to year on the anniversary\n\ndate upon payment of the annual renewal fees of Five Hundred Dollars\n\n($500.00). Failure to pay the fees by the renewal date results in\n\nexpiration of the license.\n\nD. The applicant shall provide information on forms required by\n\nthe Commissioner. The Commissioner shall have authority, at any\n\ntime, to require the applicant to fully disclose the identity of all\n\nstockholders, partners, officers, members and employees, and the\n\nCommissioner may, in the exercise of the Commissioner's discretion,\n\nrefuse to issue a license in the name of a legal entity if not\n\nsatisfied that any officer, employee, stockholder, partner or member\n\nthereof who may materially influence the applicant's conduct meets\n\nthe standards of the Viatical Settlements Act of 2008.\n\nE. A license issued to a legal entity authorizes all partners,\n\nofficers, members and designated employees to act as viatical\n\nsettlement providers, viatical settlement brokers as applicable,\n\nunder the license, and all those persons shall be named in the\n\napplication and any supplements to the application.\n\nF. Upon the filing of an application and the payment of the\n\nlicense fee, the Commissioner shall make an investigation of each\n\napplicant and issue a license if the Commissioner finds that the\n\napplicant:\n\n1. If a viatical settlement provider, has provided a detailed\n\nplan of operation;\n\n2. Is competent and trustworthy and intends to act in good\n\nfaith in the capacity involved by the license applied for;\nthe filing of an application and the payment of the\n\nlicense fee, the Commissioner shall make an investigation of each\n\napplicant and issue a license if the Commissioner finds that the\n\napplicant:\n\n1. If a viatical settlement provider, has provided a detailed\n\nplan of operation;\n\n2. Is competent and trustworthy and intends to act in good\n\nfaith in the capacity involved by the license applied for;\n\n3. Has a good business reputation and has had experience,\n\ntraining or education so as to be qualified in the business for\n\nwhich the license is applied for;\n\n4. a. If a viatical settlement provider, has demonstrated\n\nevidence of financial responsibility in a format\n\nprescribed by the Commissioner, through a surety bond\n\nexecuted and issued by an insurer authorized to issue\n\nsurety bonds in this state, a policy of errors and\n\nomissions insurance, or a deposit of cash,\n\ncertificates of deposit or securities or any\n\ncombination thereof in the amount of Fifty Thousand\n\nDollars ($50,000.00), or\n\nb. If a viatical settlement broker, has demonstrated\n\nevidence of financial responsibility in a format\n\nprescribed by the Commissioner, through a surety bond\n\nexecuted and issued by an insurer authorized to issue\n\nsurety bonds in this state, a policy of errors and\n\nomissions insurance, or a deposit of cash,\n\ncertificates of deposit or securities or any\n\ncombination thereof in the amount of Fifty Thousand\n\nDollars ($50,000.00), or\n\nc. The Commissioner may ask for evidence of financial\n\nresponsibility at any time the Commissioner deems\n\nnecessary;\n\n5. If a legal entity, provides a certificate of good standing\n\nfrom the state of its domicile; and\n\n6. If a viatical settlement provider or viatical settlement\n\nbroker, has provided an antifraud plan that meets the requirements\n\nof subsection G of Section 13 of Enrolled Senate Bill No. 1980 of\n\nthe 2nd Session of the 51st Oklahoma Legislature.\n\nG. The Commissioner shall not issue a license to a nonresident\n\napplicant, unless a written designation of an agent for service of\n\nprocess is filed and maintained with the Commissioner, or the\n\napplicant has filed with the Commissioner the applicant's written\n\nirrevocable consent that any action against the applicant may be\n\ncommenced against the applicant by service of process on the\n\nCommissioner.\n\nH. A viatical settlement provider, viatical settlement broker\n\nor viatical settlement investment agent shall provide to the\n\nCommissioner new or revised information about officers, ten percent\n\n(10%) or more stockholders, partners, directors, members or\n\ndesignated employees within thirty (30) days of the change.\n\nI. An individual licensed as a viatical settlement broker shall\n\ncomplete on a biennial basis eight (8) hours of training related to\n\nviatical settlements and viatical settlement transactions, as\n\nrequired by the Commissioner; provided, however, that a life\n\ninsurance producer who is operating as a viatical settlement broker\n\npursuant to paragraph 2 of subsection A of this section shall not be\n\nsubject to the requirements of this subsection. Any person failing\n\nto meet the requirements of this subsection shall be subject to the\n\npenalties imposed by the Commissioner.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"748315b3467ef0a6773727a255e6302f1f477739cccdf0edf8b6818af9e75111","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-4055.2","next":"us-ok/okla.-stat.-tit.-36-36-4055.4"},"notice":"GroundRules: Original legal text. Not legal advice."}