Section 2548.9 - Licensing of Broker; Life Insurance Producer Notification of Brokering Life Settlements(a) Any person acting as a broker in California pursuant to Insurance Code sections 10113.2(b)(1) or 10113.2(b)(1)(D)(ii) shall submit to the Commissioner an application for a one-year life settlement broker's license as referenced at Section 2548.18 or a two-year life settlement broker notification as referenced at Section 2548.20 herein. Persons who have not been licensed as either a resident or non-resident California life agent for at least one year shall submit the life settlement broker application referenced at Section 2548.18 herein. Life agents who have been licensed in California for at least one year may submit the life settlement broker notification referenced at Section 2548.20 herein.(b) Any natural person or business entity licensed to act as a viatical settlement broker as of December 31, 2009, that was issued by the Commissioner a broker's license effective July 1, 2010, is subject to the renewal requirements for such license as if the person or entity were originally licensed as a life settlement broker.Cal. Code Regs. Tit. 10, § 2548.9
1. New section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency regulation shall remain in effect, not to be repealed by the Office of Administrative Law, unless repealed by the Department of Insurance pursuant to Insurance Code section 10113.35 (Register 2010, No. 31).
2. Change without regulatory effect amending NOTE filed 1-24-2012 pursuant to section 100, title 1, California Code of Regulations (Register 2012, No. 4).
3. Renumbering of former section 2548.9 to section 2548.10 and renumbering and amendment of former section 2548.7 to new section 2548.9 filed 11-25-2014; operative 1-1-2015 (Register 2014, No. 48). Note: Authority cited: Section 10113.35, Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section 10113.2, Insurance Code.
1. New section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency regulation shall remain in effect, not to be repealed by the Office of Administrative Law, unless repealed by the Department of Insurance pursuant to Insurance Code section 10113.35 (Register 2010, No. 31).
2. Change without regulatory effect amending Note filed 1-24-2012 pursuant to section 100, title 1, California Code of Regulations (Register 2012, No. 4).
3. Renumbering of former section 2548.9 to section 2548.10 and renumbering and amendment of former section 2548.7 to new section 2548.9 filed 11-25-2014; operative 1/1/2015 (Register 2014, No. 48).