LIFE SETTLEMENT BROKER: License Compliance

All insurance professionals (both residents and nonresidents) can apply for licenses, renew licenses, and update addresses and phone numbers online through the National Insurance Producer Registry (NIPR), at www.nipr.com.  

NIPR license and renewal applications are easy to complete, and we can usually process them faster than applications that are mailed to us. NIPR charges a small transaction fee (around $5 to $7) to process a license application and fee payment.  Many people have found that overall, the added convenience plus the time and postage savings are worth paying the fee. 

USE NIPR FOR FREE to change an address, e-mail address or phone number!

A person may not use in Arizona any life settlement contract, a life settlement disclosure statement form, or a verification of coverage form unless it is filed with and approved by the director. See Regulatory Bulletin 2013-03 concerning pre-approved forms

Form P-VOC: Life Settlement: Verification of Coverage for Life Insurance Policies

A provider, broker or producer must use Form P-VOC (a form approved by the director) when requesting an insurance company to verify information about the life insurance policy that an owner has expressed interest in selling under a life settlement contract. ARS § 20-3211(B).

Form P-LSDO: Life Settlement: Provider/Broker Disclosures to Owner

This document has been approved by the Department of Insurance and it does not need to be filed with the Department by a broker or provider. A provider or broker may use this form to provide an owner with disclosures that are required by ARS § 20-3204(A) and (B). A provider or broker who intends to use a different form must submit the form for approval using the NAIC System for Rate and Form Filings ("SERFF"), accessible at http://www.serff.org

Form P-LSA: Life Settlement Provider/Broker Disclosures to Owner; Affiliations

This document has been approved by the Department of Insurance and it does not need to be filed with the Department by a broker or provider. Use this form in conjunction with Form P-LSDO. A provider or broker who intends to use a different form must submit the form for approval using the NAIC System for Rate and Form Filings ("SERFF"), accessible at http://www.serff.org.

Form P-LSBD: Life Settlement Broker: Disclosures to Owner and Provider

This document has been approved by the Department of Insurance and it does not need to be filed with the Department. A broker may use this form to provide the owner and provider with disclosures that are required by ARS § 20-3204(C). A broker who intends to use a different form must submit the form for approval using the NAIC System for Rate and Form Filings ("SERFF"), accessible at http://www.serff.org.

Form P-LSC: Life Settlement Provider: Contract Checklist

This form lists requirements that life settlement contracts must satisfy. Use the NAIC System for Rate and Form Filings ("SERFF"), accessible at http://www.serff.org to file your completed Form P-LSC accompanied by the life settlement contract documents.

Form L-CHG: License Information Change

Individuals needing to update address, phone and e-mail information must use the NIPR Contact Change Request (www.nipr.com) instead of using this form.  An individual may use this form to report a name change, and a business entity may use this form to report a change of Designated Producer, name, address, phone number or e-mail information.  

ARS § 41-1030(G) requires most Arizona government agencies to prominently print the provisions of ARS § 41-1030(B), (D), (E) and (F) on all license applications.  The following is the language in ARS § 41-1030(B), (D), (E) and (F):

B.        An agency shall not base a licensing decision in whole or in part on a licensing requirement or condition that is not specifically authorized by statute, rule or state tribal gaming compact. A general grant of authority in statute does not constitute a basis for imposing a licensing requirement or condition unless a rule is made pursuant to that general grant of authority that specifically authorizes the requirement or condition.

D.        This section may be enforced in a private civil action and relief may be awarded against the state.  The court may award reasonable attorney fees, damages and all fees associated with the license application to a party that prevails in an action against the state for a violation of this section.

E.        A state employee may not intentionally or knowingly violate this section.  A violation of this section is cause for disciplinary action or dismissal pursuant to the agency’s adopted personnel policy.

F.         This section does not abrogate the immunity provided by section 12-820.01 or 12-820.02.

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