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The following section is subject to change
USE OF FORMS
Life agents and other professionals who source policies to Life Asset Group must use the filed and approved forms found in the Forms Center of this website in order to process policies quickly and more efficiently.
LICENSING
Life agents who source policies to Life Asset Group must be licensed as a viatical settlement broker and/or life agent in the following regulated states in order to receive a commission: AK, AR, CO, CT, FL, GA, IN, IA, KS, KY, LA, MD, ME, MS, MT, ND, NE, NC, NJ, NV, OH, OK, PA, TN, TX (See * In Texas, below), UT, VA.
Note: There is a requirement in the following states that you must be life agent licensed in your home state at least one year before you may apply as a life agent with the authority to act as a viatical settlement broker:
CO, GA, KY, MT, NJ, NV, OK, PA.
Life agents who source policies to Life Asset Group are not required to have a license as a life agent or viatical settlement broker in the following non regulated states in order to receive a commission: AL, AZ, DC, HI, ID, MI, MO, NH, RI, SC, SD, WV, WY.
The following states regulate viatical (catastrophic and terminal illness) settlements only and not life settlements. Depending upon the medical condition of the insured, the life agent may or may not be able to source a life insurance policy owned by a resident of the following states without having a license: CA, DE, IL, MA, MN, NM, NY, OR, VT, WA, WI.
Life Asset Group, LLC is not licensed in the following states that regulate life settlements and cannot accept policies sourced from life agents owned by a resident of the following states: PR.
In states that are regulated and require a license, attorneys, accountants and financial planners who are not paid directly or indirectly by the Viatical Settlement Provider can source policies without a license but Life Asset Group can not pay them a commission.
* In Texas (known as LAG Settlements):
Any person engaging in the business of viatical or life settlements in this state must hold a certificate of registration as a viatical or life settlement broker [1] issued by the department of insurance as required by law unless (1) the person's involvement in a viatical or life settlement transaction is limited solely to that of a REFERRAL AGENT; and (2) any fee received by such person for making the referral consists of a nominal, fixed, one-time fee, that is not contingent upon the purchase or sale of the product for which the referral is made.
REFERRAL AGENT is a person who refers or introduces a viator, life settlor, or owner to a viatical or life settlement provider, provider representative, or broker, but does not advertise his or her services as a referral agent, nor advertises the availability of viatical or life settlements on behalf of any viatical or life settlement provider, provider representative, or broker; nor performs services or takes part in any negotiations effecting a viatical or life settlement. A referral agent shall not be construed to allow a person making a referral to perform the acts of a viatical or life settlement provider, provider representative, or broker in this state without first obtaining a certificate of registration, as required.
Life Asset Group can not pay or offer to pay any referral or finder’s fee,commission, or other compensation to a viator’s or life settor’s physician, attorney, accountant, social worker, case
manager, individual acting under power-of-attorney, or other person providing medical, social, financial planning or other counseling services to the viator, life settler or owner.
1.
The term does not include: an owner of a policy insuring the life of a viator or life settlor; a family member of a viator or life settlor who does not receive, or expect to receive, any form of compensation from a viatical or life settlement provider, provider representative, or broker for referring a family member; an attorney, accountant, estate planner, financial planner, or individual acting under power of attorney from the viator, life settlor, or owner, who is retained to represent the viator, life settlor, or owner and whose compensation is paid entirely by the viator, life settlor, or owner or at the direction and on behalf of the viator, life settlor, or owner without regard to whether a viatical or life settlement is effected; an attorney or accountant representing the viator, life settlor, or owner in relation to the viatical or life settlement, who receives a contingent fee from the viator, life settlor, or owner; a person who solicits only potential investors in viatical or life settlements, and who does not in any way advertise, solicit, or promote viatical or life settlements in a manner that reasonably could attract viators, life settlors, or owners; or any physician acting within the scope of the physician's medical license who provides medical analysis for the physician's own patient or who, on a contract or employment basis, performs medical analysis for a person who performs services for a viatical or life settlement provider, provider representative, or broker related to the gathering, organization, or analysis of confidential information about a viator or life settlor for the purpose of effecting a viatical or life settlement.
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