Section 3.1725 - Life Insurance Agent Notification(a) Operating as a life settlement broker. A licensed life insurance agent may operate as a life settlement broker, provided that: (1) the life insurance agent has held a license as a life insurance agent: (A) in this state for at least one year; or(B) in the person's home state for at least one year and is licensed as a nonresident agent in this state;(2) notifies the commissioner, within 30 days after the first date of operating as a life settlement broker, by filing a completed Life Agent Notification to TDI to Act as a Life Settlement Broker form accompanied by the $50 fee; and(3) has an active life insurance agent's license.(b) Temporary notification. A life insurance agent that has been operating under a temporary notification must submit a notification in accord with this section no later than 30 days after the effective date of this subchapter.(c) Compliance required. A life insurance agent acting as a life settlement broker under Insurance Code Chapter 1111A must comply with all statutes and rules applicable to the business of life settlements.(d) Sanctions. The commissioner may revoke the license of a life insurance agent or impose other sanctions in accord with Insurance Code Chapters 82, 83, and 84 for a violation of Chapter 1111A or this subchapter.28 Tex. Admin. Code § 3.1725
The provisions of this §3.1725 adopted to be effective August 1, 2013, 38 TexReg 4357