Viatical Settlement Broker License

Viatical Settlement Broker License

K.S.A. 40-5001, et seq., governs viatical settlements in Kansas, and the licensing of viatical settlement brokers. Under K.S.A. 40-5003(n), a viatical settlement broker is a person that, on behalf of a viator and for a fee (or other compensation) offers or attempts to negotiate viatical settlement contracts between a viator and one or more viatical settlement providers. A viatical settlement broker is deemed to represent only the viator and owes a fiduciary duty to the viator to act according to the viator’s instructions and in the best interest of the viator (regardless of the manner in which the viatical settlement broker is compensated).

*Kansas only issues viatical settlement broker licenses to individuals.

New License

To apply for a Kansas viatical settlement broker license, you must satisfy or complete the following requirements:

1. Submit a NAIC Uniform Application for Individual Insurance Producer License via National Insurance Producer Registry (NIPR).
2. At the time you apply, you will be required to pay an initial license fee of $100 by credit card or electronic check. The fee is nonrefundable.
3. Hold a life line of authority or take the life insurance examination.
4. Under K.S.A. 40-5003, an applicant must submit an anti-fraud plan to the Department which meets the requirements of K.S.A. 40-5012a(g). An applicant’s antifraud plan must be submitted to the Department via email at KDOI.licensing@ks.gov with “Viatical” in the subject line. A viatical settlement broker license application will not be processed until the anti-fraud plan is filed.

License Renewal

Viatical brokers are required to renew their license on or before March 1 of each year.

• A renewal application must be submitted via NIPR.
• A nonrefundable renewal fee of $50 is required at the time the renewal application is submitted.
• The annual statement required by K.S.A. 40-5006, must be submitted to the Department prior to the March 1 renewal date. Annual statements are required whether or not you have reportable viatical settlements. The annual statement must be emailed to KDOI.licensing@ks.gov with “Viatical” in the subject line of the email.
• Failure to submit a renewal application, pay the renewal fee, or submit the annual statement on or before March 1 will result in the expiration of your license. You will be required to submit a new license application if your license expires.

Additional Information

Viatical settlement licensees are responsible to maintain a system of control over the content, form and method of dissemination of all advertising and marketing materials for their services. Licensees should familiarize themselves with the requirements set forth in K.S.A. 40-5011(b) and (c).