Pursuant to the provisions of the Viatical Settlements Act, no person or business entity, unless a licensed viatical settlement provider, shall act on behalf of a viator residing in New Jersey unless that person:
- Has been licensed as a life producer in the home state for at least one year;
- Is a life insurance producer licensed in New Jersey; and
- Has notified the Commissioner and paid the appropriate fees not less than 30 days from the first date of negotiating a viatical settlement on behalf of a viator.
Once processed, the registration remains in effect as long as the NJ Life Producer License is in good standing.
Both individuals and business entities who are involved in the negotiation of viatical settlement transactions must have the life producer license and be registered with the Department.
For those individuals and business entities currently licensed as viatical brokers or who lawfully negotiated viatical transactions previously, the law states "a person who has lawfully negotiated viatical settlement contracts between a viator and one or more viatical settlement providers for at least one year immediately prior to the effective date of this act may continue to negotiate viatical settlements in this State for a period of one year from the effective date of this act, provided that person registers with the Department on a form prescribed by the Department."