Okla. Stat. tit. 36, § 36-4055.3

Authority granted by license - Nonresidents - New or revised

information - Training.

A. 1. A person shall not operate as a viatical settlement

provider or viatical settlement broker without first obtaining a

license from the Insurance Commissioner of the state of residence of

the viator.

2. a. A life insurance producer who has been duly licensed

as a resident insurance producer with a life line of

authority in this state or his or her home state for

at least one (1) year and is licensed as a nonresident

producer in this state shall be deemed to meet the

licensing requirements of this section and shall be

permitted to operate as a viatical settlement broker.

b. Not later than thirty (30) days from the first day of

operating as a viatical settlement broker, the life

insurance producer shall notify the Commissioner that

he or she is acting as a viatical settlement broker on

a form prescribed by the Commissioner, and shall pay

any applicable fee to be determined by the

Commissioner. Notification shall include an

acknowledgement by the life insurance producer that he

or she will operate as a viatical settlement broker in

accordance with the Viatical Settlements Act of 2008.

c. The insurer that issued the policy being viaticated

shall not be responsible for any act or omission of a

viatical settlement broker or viatical settlement

provider arising out of or in connection with the

viatical settlement transaction, unless the insurer

receives compensation for the placement of a viatical

settlement contract from the viatical settlement

provider or viatical settlement broker in connection

with the viatical settlement contract.

3. A person licensed as an attorney, certified public

accountant or financial planner accredited by a nationally

recognized accreditation agency, who is retained to represent the

viator, whose compensation is not paid directly or indirectly by the

viatical settlement provider, may negotiate viatical settlement

contracts on behalf of the viator without having to obtain a license

as a viatical settlement broker.

B. Application for a viatical settlement provider or a viatical

settlement broker license shall be made to the Commissioner by the

Oklahoma Statutes - Title 36. Insurance Page 874

applicant on a form prescribed by the Commissioner. The application

shall be accompanied by a fee of Five Hundred Dollars ($500.00).

C. Licenses may be renewed from year to year on the anniversary

date upon payment of the annual renewal fees of Five Hundred Dollars

($500.00). Failure to pay the fees by the renewal date results in

expiration of the license.

D. The applicant shall provide information on forms required by

the Commissioner. The Commissioner shall have authority, at any

time, to require the applicant to fully disclose the identity of all

stockholders, partners, officers, members and employees, and the

Commissioner may, in the exercise of the Commissioner's discretion,

refuse to issue a license in the name of a legal entity if not

satisfied that any officer, employee, stockholder, partner or member

thereof who may materially influence the applicant's conduct meets

the standards of the Viatical Settlements Act of 2008.

E. A license issued to a legal entity authorizes all partners,

officers, members and designated employees to act as viatical

settlement providers, viatical settlement brokers as applicable,

under the license, and all those persons shall be named in the

application and any supplements to the application.

F. Upon the filing of an application and the payment of the

license fee, the Commissioner shall make an investigation of each

applicant and issue a license if the Commissioner finds that the

applicant:

1. If a viatical settlement provider, has provided a detailed

plan of operation;

2. Is competent and trustworthy and intends to act in good

faith in the capacity involved by the license applied for;
the filing of an application and the payment of the

license fee, the Commissioner shall make an investigation of each

applicant and issue a license if the Commissioner finds that the

applicant:

1. If a viatical settlement provider, has provided a detailed

plan of operation;

2. Is competent and trustworthy and intends to act in good

faith in the capacity involved by the license applied for;

3. Has a good business reputation and has had experience,

training or education so as to be qualified in the business for

which the license is applied for;

4. a. If a viatical settlement provider, has demonstrated

evidence of financial responsibility in a format

prescribed by the Commissioner, through a surety bond

executed and issued by an insurer authorized to issue

surety bonds in this state, a policy of errors and

omissions insurance, or a deposit of cash,

certificates of deposit or securities or any

combination thereof in the amount of Fifty Thousand

Dollars ($50,000.00), or

b. If a viatical settlement broker, has demonstrated

evidence of financial responsibility in a format

prescribed by the Commissioner, through a surety bond

executed and issued by an insurer authorized to issue

surety bonds in this state, a policy of errors and

omissions insurance, or a deposit of cash,

certificates of deposit or securities or any

Oklahoma Statutes - Title 36. Insurance Page 875

combination thereof in the amount of Fifty Thousand

Dollars ($50,000.00), or

c. The Commissioner may ask for evidence of financial

responsibility at any time the Commissioner deems

necessary;

5. If a legal entity, provides a certificate of good standing

from the state of its domicile; and

6. If a viatical settlement provider or viatical settlement

broker, has provided an antifraud plan that meets the requirements

of subsection G of Section 13 of Enrolled Senate Bill No. 1980 of

the 2nd Session of the 51st Oklahoma Legislature.

G. The Commissioner shall not issue a license to a nonresident

applicant, unless a written designation of an agent for service of

process is filed and maintained with the Commissioner, or the

applicant has filed with the Commissioner the applicant's written

irrevocable consent that any action against the applicant may be

commenced against the applicant by service of process on the

Commissioner.

H. A viatical settlement provider, viatical settlement broker

or viatical settlement investment agent shall provide to the

Commissioner new or revised information about officers, ten percent

(10%) or more stockholders, partners, directors, members or

designated employees within thirty (30) days of the change.

I. An individual licensed as a viatical settlement broker shall

complete on a biennial basis eight (8) hours of training related to

viatical settlements and viatical settlement transactions, as

required by the Commissioner; provided, however, that a life

insurance producer who is operating as a viatical settlement broker

pursuant to paragraph 2 of subsection A of this section shall not be

subject to the requirements of this subsection. Any person failing

to meet the requirements of this subsection shall be subject to the

penalties imposed by the Commissioner.