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Registration to Negotiate Viatical Settlement Transactions


Effective December 21, 2005, N.J.S.A. 17B:30B-1 et seq. creates new requirements for viatical settlement providers and those who negotiate viatical settlement transactions. New Jersey will no longer issue Viatical Settlement Broker licenses. The Department will be proposing regulations to implement the new law; however for your convenience, we will allow those wishing to register to negotiate viatical transactions to complete registration forms now pending adoption of the new rules.

 
Contact Information

Registration to Negotiate Viatical Settlements
Ruth Jackson
Telephone: 609-292-7272 ext. 50587
E-mail: ruth.jackson@dobi.state.nj.us


Viatical Settlement Providers
Lucille Reid
and Anita Harris
Telephone:
609-292-7272 ext. 50377 and 50390
E-mail: lucille.reid@dobi.state.nj.us
and anita.harris@dobi.state.nj.us

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:

  1. Has been licensed as a life producer in the home state for at least one year;
  2. Is a life insurance producer licensed in New Jersey; and
  3. 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."


 
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New Jersey Department of Banking and Insurance