License Requirements

License Requirements A. In addition to the information required in Miss Code Ann.§ 83-7-205, the Commissioner may ask for other information necessary to determine whether the applicant for a license as a viatical settlement provider, viatical settlement broker, or viatical settlement representative complies with the requirements of Miss. Code Ann .§ 83-7-205. B. The application shall be accompanied by a fee specified in Miss. Code Ann .§ 83-7-205 and a current copy of a letter of good standing obtained from the filing officer of the applicant’s state of domicile. If a viatical settlement provider, viatical settlement broker or viatical settlement representative fails to pay the renewal fee within the time prescribed, or a viatical settlement provider fails to submit the reports required in of Miss Code Ann.§83-7-205(6), such nonpayment or failure to submit therequired reports shall result in lapse of the license. If a viatical settlement provider has, at the time of renewal, viatical settlements where the insured has not died, it shall do one of the following: 1. Renew or maintain its current license status until the earlier of the following events: a. The date the viatical settlement provider properly assigns, sells, or otherwise transfers the viatical settlements where the insured hasnot died; or b. The date that the last insured covered by viatical settlement transaction has died. 2. Appoint, in writing, either the viatical settlement provider that entered into the viatical settlement, the broker who received commissions from the viatical settlement, if applicable, or any other viatical settlement provider or broker licensed in this state to make all inquiries to the viator, the viator’s designee, regarding health status of the viator or any other matters. C. The license issued to a viatical settlement broker or viatical settlement representative shall be a life insurance license.