N.J. Admin. Code § 11:4-35.6

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

Section 11:4-35.6 - License renewals

(a) The following shall apply to license renewal:

1. Where a current licensee seeks to renew a license, the licensee shall, at least 15 days before June 30, submit a properly completed renewal application signed, dated and certified to be correct by the licensee or a licensed officer, partner or member of a licensed organization. The licensee shall certify that he, she or it continues to be qualified in accordance with the Act and this subchapter. The renewal application shall be accompanied by a check or money order made payable to State of New Jersey--General Treasury for the following nonrefundable fees:

i. Provider's license renewal fee: $ 250.00.

ii. Broker's or representative's license renewal fee: $ 75.00.

2. A provider's license renewal fee shall be accompanied by a current copy of a letter of good standing obtained from the filing officer of the applicant's state of domicile.

3. Failure to submit the renewal application for receipt by the Department by the date of expiration of the license shall be deemed to establish that the license expired on the date shown on the license and that the licensee was not thereafter authorized to engage in any activities for which the license is required.

4. Any licensee who does not desire renewal shall notify the Department by submitting the renewal application marked "Do Not Renew."

5. An application for renewal may be submitted within three months of the date of the expiration of the license.

6. If a viatical settlement provider has, at the time of renewal, viatical settlements where the insured has not died, it shall do one of the following:

i. Renew or maintain its current license status until the earlier of the following events:

(1) The date the viatical settlement provider properly assigns, sells or otherwise transfers the viatical settlements where the insured has not died; or

(2) The date that the last insured covered by a viatical settlement transaction has died; or

ii. Appoint, in writing, either the viatical settlement provider that entered into the viatical settlement, the broker who received commissions from the viatical settlement, if applicable, or any other viatical settlement provider or broker licensed in this State to make all inquiries to the viator, or the viator's designee, regarding health status of the viator or any other matters.

(b) If a viatical settlement provider, viatical settlement broker or viatical settlement representative fails to pay the renewal fee within the time prescribed, or a viatical settlement provider fails to submit the report required by N.J.A.C. 11:4-35.1 1, such nonpayment or failure to submit the required report shall result in lapse of the license.

N.J. Admin. Code § 11:4-35.6