2016 Delaware Code
Title 18 - Insurance Code
CHAPTER 75. DELAWARE VIATICAL SETTLEMENTS ACT
§ 7503. License requirements.
(a) A person shall not operate as a viatical settlement provider without first having obtained an agency license in accordance with Chapter 17 of this title.
(b) A person shall not operate as a viatical settlement agent without first having obtained a license as a life agent in accordance with Chapter 17 of this title. Notwithstanding the provisions of subsection (a) of this section, Chapter 17 appointment requirements shall not apply to viatical settlement agents performing viatical settlement functions.
(c) A person shall not operate as a viatical settlement broker without first having obtained a license as a life broker in accordance with Chapter 17 of this title.
(d) Applications for viatical settlement provider, agent and broker's licenses shall be made in accordance with Chapter 17 of this title.
(e) The Commissioner is authorized, at all times, to require the applicant to disclose the identity of all stockholders, partners, officers, members and employees. The Commissioner may, in the exercise of his or her discretion, refuse to issue a license in the name of a legal entity if not satisfied that any officer, employee, stockholder, partner or member thereof who may materially influence the applicant's conduct meets the standards of this chapter.
(f) A license issued to a legal entity authorizes the viatical settlement provider to act within the State for transacting viatical settlements as applicable under this chapter.
(g) All viatical settlement transactions made on behalf of the viatical settlement provider shall be accomplished by a viatical settlement agent registered with this Department under the viatical settlement provider agency license.
(h) Upon the filing of an application for a viatical settlement providers license, the Commissioner may require a detailed plan of operation and information relating to the applicant's business reputation.
72 Del. Laws, c. 132, § 1; 70 Del. Laws, c. 186, § 1..;
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