The California Department of Insurance has posted education requirements for agents who want to sell life settlements in the state.
Under requirements enacted under S.B. 98, signed into law by Gov. Arnold Schwarzenegger, R, in October 2009, the California department has also added several questions about life settlements to its examinations for life-and-health and life-only licenses. The revised educational requirements take effect July 1.
Agents who want to sell settlements in California, and who have not been licensed by the California department as life agents for at least a year, must get a life settlement broker license. The license now costs $136 per year.
To qualify for a life settlement license, applicants who do not have a life insurance license must complete 15 hours of California department-approved training.
Also beginning July 1, agents who sell settlements in the state must notify the California department within 10 days of the transaction. The agency is developing a notification form that can be submitted on the Web at a cost of $136 per transaction. That notification must be renewed every 2 years, the California department says.
The California department also has announced that agents who sell life settlements in the state will soon be able to report their transactions through the agency’s website.