N.J. Admin. Code § 11:4-35.3

Current through Register Vol. 56, No. 24, December 18, 2024

Section 11:4-35.3 - General licensing requirements

(a) The purpose of this subchapter is to implement N.J.S.A. 17B:30B-1et seq., governing viatical settlements.

(b) A viatical settlement license issued by the Commissioner shall be valid for a term of one year with a commencement date of July 1 and an expiration date of June 30 of the succeeding year as indicated on the license. The license shall be a limited license that allows the licensee to operate only within the scope of the license.

(c) Individual applicants seeking licensure as viatical settlement brokers or viatical settlement representatives shall be required to pass Part 1 of the State licensing examination, "Life--General Product Knowledge," that is required of life insurance producers before a license may be issued. Applicants also wishing to become licensed as life insurance producers shall, in addition, be required to pass the law part of the examination. The examination requirements shall be waived with regard to non-residents who are licensed in states with substantially similar viatical settlement licensing standards or can provide proof that they have passed their state's life product portion of the life insurance agent's examination.

(d) The Department may request that licensed viatical settlement brokers and viatical settlement representatives and licensed applicants submit their social security numbers to the Department. All such requests shall either include or be accompanied by a notice stating:

1. The purpose or purposes for which the Department intends to use the social security numbers;

2. That disclosure made pursuant to the request that it is either voluntary or mandatory; and

3. That the request is authorized by this section and by such other law as may be applicable.

(e) All licenses shall at all times be the property of the State of New Jersey and upon any suspension, revocation, nonrenewal, expiration or other termination shall no longer be in force and effect.

1. Upon any suspension, revocation or other termination of a license, the licensee or any other person having custody of the license shall immediately deliver it to the Commissioner by personal delivery or by registered or certified mail.

2. If a license is lost, stolen or destroyed, the Commissioner may accept in lieu of the return of the license, an affidavit of the licensee or other person responsible for the license, setting forth the facts that prevent the return of the license.

3. Failure to pay any requested fee for any reason including, but not limited to, a check being dishonored, shall render a license null and void.

4. A license that is voluntarily cancelled by a licensee may be reinstated for the balance of the license term upon written request of the licensee and payment of the processing fee.

(f) Nothing in this subsection shall be construed to permit a person to engage in the viatical settlement business without a valid license.

N.J. Admin. Code § 11:4-35.3

Amended by 51 N.J.R. 618(a), effective 5/6/2019