Text: HSB739            Text: HSB741


House Study Bill 740

HOUSE FILE BY (PROPOSED COMMITTEE ON COMMERCE, REGULATION AND LABOR BILL BY CHAIRPERSON JENKINS) Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to licensing requirements to offer viatical 2 settlement contracts. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 6503YC 81 5 kk/je/5 PAG LIN 1 1 Section 1. NEW SECTION. 508E.5 LICENSING == EXCEPTIONS. 1 2 1. Notwithstanding any other provision of law to the 1 3 contrary, a person shall be deemed to meet the licensing 1 4 requirements adopted by rule pursuant to section 508E.4 and 1 5 shall be permitted to operate as a viatical settlement broker 1 6 if the person meets all of the following requirements: 1 7 a. The person is licensed as a resident or nonresident 1 8 insurance producer with a life insurance line of authority 1 9 under chapter 522B, has been licensed for at least one year, 1 10 and provides proof of such licensure to the commissioner. 1 11 b. The person notifies the commissioner that the person is 1 12 operating as a viatical settlement broker not later than 1 13 thirty days after operating as a viatical settlement broker in 1 14 this state. 1 15 c. The person provides the commissioner a signed 1 16 acknowledgment that the person will operate as a viatical 1 17 settlement broker in accordance with this chapter and any 1 18 rules adopted under this chapter. 1 19 d. The person pays to the commissioner a notification fee 1 20 of fifty dollars. 1 21 2. For the purposes of this section, a person shall be 1 22 deemed to meet the requirement of subsection 1, paragraph "a", 1 23 if the person is licensed as a resident life insurance 1 24 producer in another state, has been licensed for at least one 1 25 year, and provides proof of such licensure to the 1 26 commissioner. 1 27 EXPLANATION 1 28 This bill relates to licensing requirements to offer 1 29 viatical settlement contracts. 1 30 Under current law, the commissioner of insurance is 1 31 required to adopt rules to provide for licensing requirements 1 32 for persons offering viatical settlement contracts. The bill 1 33 provides that a person shall be deemed to meet those licensing 1 34 requirements and be permitted to operate as a viatical 1 35 settlement broker if the person meets certain requirements. 2 1 The requirements the person must meet under the bill include 2 2 that the person be licensed as a resident or nonresident 2 3 insurance producer with a life insurance line of authority 2 4 under Code chapter 522B for at least one year or licensed as a 2 5 resident life insurance producer in another state for at least 2 6 one year. The person must also notify the commissioner within 2 7 30 days that the person is operating as a viatical settlement 2 8 broker and pay a notification fee of $50. The person must 2 9 also provide the commissioner a signed acknowledgment that the 2 10 person will operate as a viatical settlement broker according 2 11 to the requirements of Code chapter 508E and rule adopted by 2 12 the commissioner. 2 13 LSB 6503YC 81 2 14 kk:nh/je/5
Text: HSB739            Text: HSB741