{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1865.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1865.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1865.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1865.1.html"}],"law_id":71463,"edition_id":1,"section_id":71463,"structure_id":16262,"section_number":"38.2-1865.1","catch_line":"License required for viatical settlement brokers; Commission’s authority; conditions; renewal application and fee; reinstatement; waiver; fingerprinting","history":"2001, c. 706; 2003, c. 717; 2008, c. 213; 2016, c. 552; 2018, c. 131; 2019, c. 675.","full_text":"A\n\nNo person shall act as a viatical settlement broker, or solicit a viatical settlement contract while acting as a viatical settlement broker without first obtaining a license from the Commission.B\n\nA resident or nonresident life and annuities insurance agent shall not be prohibited from obtaining a license, and subsequently acting as, a viatical settlement broker. Such licensed life and annuities agent applying for a license as a viatical settlement broker shall comply with all provisions of this chapter.C\n\nApplication for a viatical settlement broker license shall be made to the Commission in the manner, in the form, and accompanied by the nonrefundable license processing fee prescribed by the Commission.D\n\nEach individual applicant for a viatical settlement broker license shall, at the time of applying for a new license, be fingerprinted in a form and manner prescribed by the Commission and shall provide personal descriptive information to be forwarded along with the applicant’s fingerprints through the Central Criminal Records Exchange to the Federal Bureau of Investigation for the purpose of obtaining criminal history record information regarding such applicant. The results of the state and national records search shall be forwarded to the Commissioner or the Commissioner’s designee, who shall be an employee of the Commission. The cost of fingerprinting and the criminal history record check shall be paid by the applicant. If an applicant’s application for a license is denied, the Commission shall provide a copy of the information obtained from the Central Criminal Records Exchange to the applicant upon request. The information provided to the Commission shall not be disseminated except as provided in this subsection.E\n\nA business entity acting as a viatical settlement broker is required to obtain a viatical settlement broker license. In addition to the other requirements in this section, and before approving the application, the Commission shall find that:1\n\nThe business entity has paid the fee set forth in this section; and2\n\nThe business entity has designated an employee, officer, director, manager, member, or partner who is a licensed viatical settlement broker as the individual responsible for the business entity’s compliance with the insurance and other laws of this title, and related rules and regulations of the Commonwealth.F\n\nThe Commission may require any documents reasonably necessary to verify the information contained in an application.G\n\nExcept where prohibited by state or federal law, by submitting an application for license, the applicant shall be deemed to have appointed the clerk of the Commission as the agent for service of process on the applicant in any action or proceeding arising in the Commonwealth out of or in connection with the exercise of the license. Such appointment of the clerk of the Commission as agent for service of process shall be irrevocable during the period within which a cause of action against the applicant may arise out of transactions with respect to subjects of insurance in the Commonwealth. Service of process on the clerk of the Commission shall conform to the provisions of Chapter 8 (§ 38.2-800 et seq.).H\n\nThe license processing fee required by this section shall be collected by the Commission, paid directly into the state treasury, and credited to the “Bureau of Insurance Special Fund — State Corporation Commission” for the maintenance of the Bureau of Insurance as provided in subsection B of § 38.2-400.I\n\nBeginning January 1, 2021, each individual settlement broker shall submit biennially to the Commission a renewal application in a form and manner prescribed by the Commission, along with a nonrefundable renewal application processing fee prescribed by the Commission, for the renewal of the license. Licenses shall be renewed biennially based on the viatical settlement broker’s month and year of birth. The license for a viatical settlement broker born in an even-numbered year shall expire at the end of the broker’s birth month in even-numbered years. The license for a viatical settlement broker born in an odd-numbered year shall expire at the end of the broker’s birth month in odd-numbered years. Any viatical settlement broker license for which the renewal application and nonrefundable renewal application processing fee have been received by the Commission and all other applicable licensing and renewal provisions in this chapter have been met shall, unless the license has been terminated, suspended, or revoked, be renewed for a two-year period. Any viatical settlement broker license for which the renewal application and nonrefundable renewal application processing fee have not been received by the Commission shall automatically be terminated.J\n\nOn or before May 1, 2021, and biennially thereafter, each business entity licensed as a viatical settlement broker shall submit to the Commission a renewal application, along with a nonrefundable renewal application processing fee prescribed by the Commission, for the renewal of the license. Any viatical settlement broker license for which the renewal application and nonrefundable renewal application processing fee have been received by the Commission and all other applicable licensing and renewal provisions in this chapter have been met shall, unless the license has been terminated, suspended, or revoked, be renewed for a two-year period. Any viatical settlement broker license for which the renewal application and nonrefundable renewal application processing fee have not been received by the Commission shall automatically be terminated.K\n\nThe nonrefundable renewal application processing fee shall be paid in a manner and in an amount prescribed by the Commission. The nonrefundable renewal application processing fee shall be collected by the Commission and paid directly into the state treasury and credited to the fund for the maintenance of the Bureau of Insurance as provided in subsection B of § 38.2-400.L\n\nAn individual viatical settlement broker whose license terminates due to failure to renew may, within 12 months from the renewal date, reinstate the same license by submitting the renewal application and a nonrefundable reinstatement processing fee equivalent to double the nonrefundable renewal application processing fee.M\n\nAn individual viatical settlement broker who is unable to comply with the license renewal requirements due to military service or another extenuating circumstance such as a long-term illness or incapacity may request a waiver of those requirements. Requests for waivers of renewal requirements shall be made in a form and manner prescribed by the Commission. Viatical settlement brokers seeking a waiver of renewal requirements shall submit all documentation specified by the Commission so as to be received by the Commission no later than the last day of the renewal period. After the renewal period, viatical settlement brokers who have failed to complete the renewal waiver requirements may request a waiver from the reinstatement requirements set forth in subsection L within the 12-month reinstatement period. The Commission shall approve or disapprove the waiver request within 30 calendar days of receipt thereof, and shall provide written notice of its decision to the applicant for waiver within five calendar days of rendering its decision. Any waiver granted pursuant to this section shall be valid only for the renewal period or reinstatement period for which the waiver request was made.N\n\nEach applicant for a viatical settlement broker license shall provide satisfactory evidence that no disciplinary action has resulted in the suspension or revocation of any federal or state license pertaining to the business of viatical settlements or to the insurance or other financial services business.O\n\nIn the absence of a written agreement making the broker the viator’s agent, viatical settlement brokers are presumed to be agents of viatical settlement providers.P\n\nA viatical settlement broker shall not, without the written agreement of the viator obtained before performing any services in connection with a viatical settlement, seek or obtain any compensation from the viator.","order_by":null,"text":{"0":{"id":257599,"text":"No person shall act as a viatical settlement broker, or solicit a viatical settlement contract while acting as a viatical settlement broker without first obtaining a license from the Commission.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":257600,"text":"A resident or nonresident life and annuities insurance agent shall not be prohibited from obtaining a license, and subsequently acting as, a viatical settlement broker. Such licensed life and annuities agent applying for a license as a viatical settlement broker shall comply with all provisions of this chapter.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":257601,"text":"Application for a viatical settlement broker license shall be made to the Commission in the manner, in the form, and accompanied by the nonrefundable license processing fee prescribed by the Commission.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":257602,"text":"Each individual applicant for a viatical settlement broker license shall, at the time of applying for a new license, be fingerprinted in a form and manner prescribed by the Commission and shall provide personal descriptive information to be forwarded along with the applicant’s fingerprints through the Central Criminal Records Exchange to the Federal Bureau of Investigation for the purpose of obtaining criminal history record information regarding such applicant. The results of the state and national records search shall be forwarded to the Commissioner or the Commissioner’s designee, who shall be an employee of the Commission. The cost of fingerprinting and the criminal history record check shall be paid by the applicant. If an applicant’s application for a license is denied, the Commission shall provide a copy of the information obtained from the Central Criminal Records Exchange to the applicant upon request. The information provided to the Commission shall not be disseminated except as provided in this subsection.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":257603,"text":"A business entity acting as a viatical settlement broker is required to obtain a viatical settlement broker license. In addition to the other requirements in this section, and before approving the application, the Commission shall find that:","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"E1"},"5":{"id":257604,"text":"The business entity has paid the fee set forth in this section; and","type":"section","prefixes":["E","1"],"prefix":"1","entire_prefix":"E1","prefix_anchor":"E1","level":2,"prior_prefix":"E","next_prefix":"E2"},"6":{"id":257605,"text":"The business entity has designated an employee, officer, director, manager, member, or partner who is a licensed viatical settlement broker as the individual responsible for the business entity’s compliance with the insurance and other laws of this title, and related rules and regulations of the Commonwealth.","type":"section","prefixes":["E","2"],"prefix":"2","entire_prefix":"E2","prefix_anchor":"E2","level":2,"prior_prefix":"E1","next_prefix":"F"},"7":{"id":257606,"text":"The Commission may require any documents reasonably necessary to verify the information contained in an application.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E2","next_prefix":"G"},"8":{"id":257607,"text":"Except where prohibited by state or federal law, by submitting an application for license, the applicant shall be deemed to have appointed the clerk of the Commission as the agent for service of process on the applicant in any action or proceeding arising in the Commonwealth out of or in connection with the exercise of the license. Such appointment of the clerk of the Commission as agent for service of process shall be irrevocable during the period within which a cause of action against the applicant may arise out of transactions with respect to subjects of insurance in the Commonwealth. Service of process on the clerk of the Commission shall conform to the provisions of Chapter 8 (§ 38.2-800 et seq.).","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"9":{"id":257608,"text":"The license processing fee required by this section shall be collected by the Commission, paid directly into the state treasury, and credited to the “Bureau of Insurance Special Fund — State Corporation Commission” for the maintenance of the Bureau of Insurance as provided in subsection B of § 38.2-400.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"10":{"id":257609,"text":"Beginning January 1, 2021, each individual settlement broker shall submit biennially to the Commission a renewal application in a form and manner prescribed by the Commission, along with a nonrefundable renewal application processing fee prescribed by the Commission, for the renewal of the license. Licenses shall be renewed biennially based on the viatical settlement broker’s month and year of birth. The license for a viatical settlement broker born in an even-numbered year shall expire at the end of the broker’s birth month in even-numbered years. The license for a viatical settlement broker born in an odd-numbered year shall expire at the end of the broker’s birth month in odd-numbered years. Any viatical settlement broker license for which the renewal application and nonrefundable renewal application processing fee have been received by the Commission and all other applicable licensing and renewal provisions in this chapter have been met shall, unless the license has been terminated, suspended, or revoked, be renewed for a two-year period. Any viatical settlement broker license for which the renewal application and nonrefundable renewal application processing fee have not been received by the Commission shall automatically be terminated.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H","next_prefix":"J"},"11":{"id":257610,"text":"On or before May 1, 2021, and biennially thereafter, each business entity licensed as a viatical settlement broker shall submit to the Commission a renewal application, along with a nonrefundable renewal application processing fee prescribed by the Commission, for the renewal of the license. Any viatical settlement broker license for which the renewal application and nonrefundable renewal application processing fee have been received by the Commission and all other applicable licensing and renewal provisions in this chapter have been met shall, unless the license has been terminated, suspended, or revoked, be renewed for a two-year period. Any viatical settlement broker license for which the renewal application and nonrefundable renewal application processing fee have not been received by the Commission shall automatically be terminated.","type":"section","prefixes":["J"],"prefix":"J","entire_prefix":"J","prefix_anchor":"J","level":1,"prior_prefix":"I","next_prefix":"K"},"12":{"id":257611,"text":"The nonrefundable renewal application processing fee shall be paid in a manner and in an amount prescribed by the Commission. The nonrefundable renewal application processing fee shall be collected by the Commission and paid directly into the state treasury and credited to the fund for the maintenance of the Bureau of Insurance as provided in subsection B of § 38.2-400.","type":"section","prefixes":["K"],"prefix":"K","entire_prefix":"K","prefix_anchor":"K","level":1,"prior_prefix":"J","next_prefix":"L"},"13":{"id":257612,"text":"An individual viatical settlement broker whose license terminates due to failure to renew may, within 12 months from the renewal date, reinstate the same license by submitting the renewal application and a nonrefundable reinstatement processing fee equivalent to double the nonrefundable renewal application processing fee.","type":"section","prefixes":["L"],"prefix":"L","entire_prefix":"L","prefix_anchor":"L","level":1,"prior_prefix":"K","next_prefix":"M"},"14":{"id":257613,"text":"An individual viatical settlement broker who is unable to comply with the license renewal requirements due to military service or another extenuating circumstance such as a long-term illness or incapacity may request a waiver of those requirements. Requests for waivers of renewal requirements shall be made in a form and manner prescribed by the Commission. Viatical settlement brokers seeking a waiver of renewal requirements shall submit all documentation specified by the Commission so as to be received by the Commission no later than the last day of the renewal period. After the renewal period, viatical settlement brokers who have failed to complete the renewal waiver requirements may request a waiver from the reinstatement requirements set forth in subsection L within the 12-month reinstatement period. The Commission shall approve or disapprove the waiver request within 30 calendar days of receipt thereof, and shall provide written notice of its decision to the applicant for waiver within five calendar days of rendering its decision. Any waiver granted pursuant to this section shall be valid only for the renewal period or reinstatement period for which the waiver request was made.","type":"section","prefixes":["M"],"prefix":"M","entire_prefix":"M","prefix_anchor":"M","level":1,"prior_prefix":"L","next_prefix":"N"},"15":{"id":257614,"text":"Each applicant for a viatical settlement broker license shall provide satisfactory evidence that no disciplinary action has resulted in the suspension or revocation of any federal or state license pertaining to the business of viatical settlements or to the insurance or other financial services business.","type":"section","prefixes":["N"],"prefix":"N","entire_prefix":"N","prefix_anchor":"N","level":1,"prior_prefix":"M","next_prefix":"O"},"16":{"id":257615,"text":"In the absence of a written agreement making the broker the viator’s agent, viatical settlement brokers are presumed to be agents of viatical settlement providers.","type":"section","prefixes":["O"],"prefix":"O","entire_prefix":"O","prefix_anchor":"O","level":1,"prior_prefix":"N","next_prefix":"P"},"17":{"id":257616,"text":"A viatical settlement broker shall not, without the written agreement of the viator obtained before performing any services in connection with a viatical settlement, seek or obtain any compensation from the viator.","type":"section","prefixes":["P"],"prefix":"P","entire_prefix":"P","prefix_anchor":"P","level":1,"prior_prefix":"O"}},"ancestry":[{"id":16262,"edition_id":1,"name":"Licensing of Viatical Settlement Brokers","identifier":"6.1","label":"article","depth":3,"order_by":1,"parent_id":13203,"metadata":{},"date_created":"2026-06-26 04:11:39","date_modified":"2026-06-26 04:11:39","permalink":{"id":212785,"object_type":"structure","relational_id":16262,"identifier":"6.1","token":"38.2\/18\/6.1","url":"\/38.2\/18\/6.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13203,"edition_id":1,"name":"Insurance Agents","identifier":"18","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:26","date_modified":"2026-06-26 03:44:26","permalink":{"id":212411,"object_type":"structure","relational_id":13203,"identifier":"18","token":"38.2\/18","url":"\/38.2\/18\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":71463,"structure_id":16262,"section_number":"38.2-1865.1","catch_line":"License required for viatical settlement brokers; Commission's authority; conditions; renewal application and fee; reinstatement; waiver; fingerprinting","url":"\/38.2-1865.1\/","token":"38.2\/18\/6.1\/38.2-1865.1","metadata":false},{"id":70329,"structure_id":16262,"section_number":"38.2-1865.2","catch_line":"Grounds for placing on probation, refusal to issue or renew, revocation, or suspension of license","url":"\/38.2-1865.2\/","token":"38.2\/18\/6.1\/38.2-1865.2","metadata":false},{"id":65833,"structure_id":16262,"section_number":"38.2-1865.3","catch_line":"Refusal to issue and revocation of license; hearing; new application","url":"\/38.2-1865.3\/","token":"38.2\/18\/6.1\/38.2-1865.3","metadata":false},{"id":80106,"structure_id":16262,"section_number":"38.2-1865.4","catch_line":"Licensing nonresidents; reciprocal agreements with other states and Canadian provinces","url":"\/38.2-1865.4\/","token":"38.2\/18\/6.1\/38.2-1865.4","metadata":false},{"id":75561,"structure_id":16262,"section_number":"38.2-1865.5","catch_line":"Requirement to report to Commission","url":"\/38.2-1865.5\/","token":"38.2\/18\/6.1\/38.2-1865.5","metadata":false}],"next_section":{"id":70329,"structure_id":16262,"section_number":"38.2-1865.2","catch_line":"Grounds for placing on probation, refusal to issue or renew, revocation, or suspension of license","url":"\/38.2-1865.2\/","token":"38.2\/18\/6.1\/38.2-1865.2","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1865.1\/","history_text":"

This law was first created in 2001. The record of its establishment is cataloged in chapter 706<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2003, chapter 717<\/a>; in 2008, chapter 213<\/a>; in 2016, chapter 552<\/a>; in 2018, chapter 131<\/a>; in 2019, chapter 675<\/a>.<\/p>","references":[{"id":67482,"section_number":"38.2-1800","catch_line":"Definitions","order_by":null,"url":"\/38.2-1800\/"},{"id":80106,"section_number":"38.2-1865.4","catch_line":"Licensing nonresidents; reciprocal agreements with other states and Canadian provinces","order_by":null,"url":"\/38.2-1865.4\/"},{"id":75561,"section_number":"38.2-1865.5","catch_line":"Requirement to report to Commission","order_by":null,"url":"\/38.2-1865.5\/"},{"id":85466,"section_number":"38.2-6000","catch_line":"Definitions","order_by":null,"url":"\/38.2-6000\/"},{"id":85657,"section_number":"38.2-6001","catch_line":"Viatical settlement brokers","order_by":null,"url":"\/38.2-6001\/"},{"id":84374,"section_number":"38.2-6006","catch_line":"Examinations; record retention; investigations","order_by":null,"url":"\/38.2-6006\/"},{"id":84400,"section_number":"38.2-6011","catch_line":"Fraud prevention and control","order_by":null,"url":"\/38.2-6011\/"},{"id":66961,"section_number":"38.2-6012","catch_line":"Civil remedies","order_by":null,"url":"\/38.2-6012\/"},{"id":70459,"section_number":"38.2-6015","catch_line":"Immunity from liability","order_by":null,"url":"\/38.2-6015\/"}],"refers_to":[{"id":54065,"section_number":"38.2-800","catch_line":"Definition","order_by":null,"url":"\/38.2-800\/"}],"permalink":{"id":212787,"object_type":"law","relational_id":71463,"identifier":"38.2-1865.1","token":"38.2\/18\/6.1\/38.2-1865.1","url":"\/38.2-1865.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1865.1\/","token":"38.2\/18\/6.1\/38.2-1865.1","dublin_core":{"Title":"License required for viatical settlement brokers; Commission’s authority; conditions; renewal application and fee; reinstatement; waiver; fingerprinting","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1865.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> No person<\/span> shall act as a viatical settlement broker<\/span>, or solicit<\/span> a viatical settlement contract<\/span> while acting as a viatical settlement broker<\/span> without first obtaining a license<\/span> from the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A resident<\/span> or nonresident life and annuities insurance agent<\/span> shall not be prohibited from obtaining a license<\/span>, and subsequently acting as, a viatical settlement broker<\/span>. Such licensed life and annuities agent applying for a license<\/span> as a viatical settlement broker<\/span> shall comply with all provisions of this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Application for a viatical settlement broker<\/span> license<\/span> shall be made to the Commission<\/span> in the manner, in the form, and accompanied by the nonrefundable license<\/span> processing fee prescribed by the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Each individual applicant for a viatical settlement broker<\/span> license<\/span> shall, at the time of applying for a new license<\/span>, be fingerprinted in a form and manner prescribed by the Commission<\/span> and shall provide personal descriptive information to be forwarded along with the applicant’s fingerprints through the Central Criminal Records Exchange to the Federal Bureau<\/span> of Investigation for the purpose of obtaining criminal history record information regarding such applicant. The results of the state<\/span> and national records search shall be forwarded to the Commissioner<\/span> or the Commissioner<\/span>’s designee, who shall be an employee of the Commission<\/span>. The cost of fingerprinting and the criminal history record check shall be paid by the applicant. If an applicant’s application for a license<\/span> is denied, the Commission<\/span> shall provide a copy of the information obtained from the Central Criminal Records Exchange to the applicant upon request. The information provided to the Commission<\/span> shall not be disseminated except as provided in this subsection. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> A business entity<\/span> acting as a viatical settlement broker<\/span> is required to obtain a viatical settlement broker<\/span> license<\/span>. In addition to the other requirements in this section, and before approving the application, the Commission<\/span> shall find that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The business entity<\/span> has paid the fee set forth in this section; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The business entity<\/span> has designated an employee, officer, director, manager, member, or partner who is a licensed viatical settlement broker<\/span> as the individual responsible for the business entity<\/span>’s compliance with the insurance and other laws<\/span> of this title, and related rules and regulations of the Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The Commission<\/span> may require any documents reasonably necessary to verify the information contained in an application. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> Except where prohibited by state<\/span> or federal law<\/span>, by submitting an application for license<\/span>, the applicant shall be deemed to have appointed the clerk of the Commission<\/span> as the agent for service of process<\/span> on the applicant in any action or proceeding arising in the Commonwealth out of or in connection with the exercise of the license<\/span>. Such appointment of the clerk of the Commission<\/span> as agent for service of process<\/span> shall be irrevocable during the period within which a cause of action<\/span> against the applicant may arise out of transactions with respect to subjects of insurance in the Commonwealth. Service of process<\/span> on the clerk of the Commission<\/span> shall conform to the provisions of Chapter 8 (§ 38.2-800<\/a> et seq.). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> The license<\/span> processing fee required by this section shall be collected by the Commission<\/span>, paid directly into the state<\/span> treasury, and credited to the “Bureau of Insurance<\/span> Special Fund — State<\/span> Corporation Commission<\/span>” for the maintenance of the Bureau of Insurance<\/span> as provided in subsection B of § 38.2-400<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> Beginning January 1, 2021, each individual settlement broker shall submit biennially to the Commission<\/span> a renewal application in a form and manner prescribed by the Commission<\/span>, along with a nonrefundable renewal application processing fee prescribed by the Commission<\/span>, for the renewal of the license<\/span>. Licenses<\/span> shall be renewed biennially based on the viatical settlement broker<\/span>’s month and year of birth. The license<\/span> for a viatical settlement broker<\/span> born in an even-numbered year shall expire at the end of the broker’s birth month in even-numbered years. The license<\/span> for a viatical settlement broker<\/span> born in an odd-numbered year shall expire at the end of the broker’s birth month in odd-numbered years. Any viatical settlement broker<\/span> license<\/span> for which the renewal application and nonrefundable renewal application processing fee have been received by the Commission<\/span> and all other applicable licensing and renewal provisions in this chapter have been met shall, unless the license<\/span> has been terminated, suspended, or revoked, be renewed for a two-year period. Any viatical settlement broker<\/span> license<\/span> for which the renewal application and nonrefundable renewal application processing fee have not been received by the Commission<\/span> shall automatically be terminated. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

J.<\/span> On or before May 1, 2021, and biennially thereafter, each business entity<\/span> licensed as a viatical settlement broker<\/span> shall submit to the Commission<\/span> a renewal application, along with a nonrefundable renewal application processing fee prescribed by the Commission<\/span>, for the renewal of the license<\/span>. Any viatical settlement broker<\/span> license<\/span> for which the renewal application and nonrefundable renewal application processing fee have been received by the Commission<\/span> and all other applicable licensing and renewal provisions in this chapter have been met shall, unless the license<\/span> has been terminated, suspended, or revoked, be renewed for a two-year period. Any viatical settlement broker<\/span> license<\/span> for which the renewal application and nonrefundable renewal application processing fee have not been received by the Commission<\/span> shall automatically be terminated. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

K.<\/span> The nonrefundable renewal application processing fee shall be paid in a manner and in an amount prescribed by the Commission<\/span>. The nonrefundable renewal application processing fee shall be collected by the Commission<\/span> and paid directly into the state<\/span> treasury and credited to the fund for the maintenance of the Bureau of Insurance<\/span> as provided in subsection B of § 38.2-400<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

L.<\/span> An individual viatical settlement broker<\/span> whose license<\/span> terminates<\/span> due to failure to renew may, within 12 months from the renewal date, reinstate the same license<\/span> by submitting the renewal application and a nonrefundable reinstatement processing fee equivalent to double the nonrefundable renewal application processing fee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

M.<\/span> An individual viatical settlement broker<\/span> who is unable to comply with the license<\/span> renewal requirements due to military service or another extenuating circumstance such as a long-term illness or incapacity may request a waiver<\/span> of those requirements. Requests for waivers<\/span> of renewal requirements shall be made in a form and manner prescribed by the Commission<\/span>. Viatical settlement brokers<\/span> seeking a waiver<\/span> of renewal requirements shall submit all documentation specified by the Commission<\/span> so as to be received by the Commission<\/span> no later than the last day of the renewal period. After the renewal period, viatical settlement brokers<\/span> who have failed to complete the renewal waiver<\/span> requirements may request a waiver<\/span> from the reinstatement requirements set forth in subsection L within the 12-month reinstatement period. The Commission<\/span> shall approve or disapprove the waiver<\/span> request within 30 calendar days of receipt thereof, and shall provide written notice of its decision to the applicant for waiver<\/span> within five calendar days of rendering its decision. Any waiver<\/span> granted pursuant to this section shall be valid only for the renewal period or reinstatement period for which the waiver<\/span> request was made. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

N.<\/span> Each applicant for a viatical settlement broker<\/span> license<\/span> shall provide satisfactory evidence<\/span> that no disciplinary action has resulted in the suspension or revocation<\/span> of any federal or state<\/span> license<\/span> pertaining to the business of viatical settlements<\/span> or to the insurance or other financial services business. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

O.<\/span> In the absence of a written agreement making the broker the viator’s agent, viatical settlement brokers<\/span> are presumed to be agents of viatical settlement providers. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

P.<\/span> A viatical settlement broker<\/span> shall not, without the written agreement of the viator obtained before performing any services in connection with a viatical settlement, seek or obtain any compensation from the viator. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLICENSE REQUIRED FOR VIATICAL SETTLEMENT BROKERS; COMMISSION’S AUTHORITY;\nCONDITIONS; RENEWAL APPLICATION AND FEE; REINSTATEMENT; WAIVER; FINGERPRINTING\n(\u00a7 38.2-1865.1)\n\nA. No person shall act as a viatical settlement broker, or solicit a viatical\nsettlement contract while acting as a viatical settlement broker without first\nobtaining a license from the Commission.\n\nB. A resident or nonresident life and annuities insurance agent shall not be\nprohibited from obtaining a license, and subsequently acting as, a viatical\nsettlement broker. Such licensed life and annuities agent applying for a license\nas a viatical settlement broker shall comply with all provisions of this\nchapter.\n\nC. Application for a viatical settlement broker license shall be made to the\nCommission in the manner, in the form, and accompanied by the nonrefundable\nlicense processing fee prescribed by the Commission.\n\nD. Each individual applicant for a viatical settlement broker license shall, at\nthe time of applying for a new license, be fingerprinted in a form and manner\nprescribed by the Commission and shall provide personal descriptive information\nto be forwarded along with the applicant’s fingerprints through the\nCentral Criminal Records Exchange to the Federal Bureau of Investigation for the\npurpose of obtaining criminal history record information regarding such\napplicant. The results of the state and national records search shall be\nforwarded to the Commissioner or the Commissioner’s designee, who shall be\nan employee of the Commission. The cost of fingerprinting and the criminal\nhistory record check shall be paid by the applicant. If an applicant’s\napplication for a license is denied, the Commission shall provide a copy of the\ninformation obtained from the Central Criminal Records Exchange to the applicant\nupon request. The information provided to the Commission shall not be\ndisseminated except as provided in this subsection.\n\nE. A business entity acting as a viatical settlement broker is required to\nobtain a viatical settlement broker license. In addition to the other\nrequirements in this section, and before approving the application, the\nCommission shall find that:\n\n 1. The business entity has paid the fee set forth in this section; and\n\n 2. The business entity has designated an employee, officer, director, manager,\n member, or partner who is a licensed viatical settlement broker as the\n individual responsible for the business entity’s compliance with the\n insurance and other laws of this title, and related rules and regulations of\n the Commonwealth.\n\nF. The Commission may require any documents reasonably necessary to verify the\ninformation contained in an application.\n\nG. Except where prohibited by state or federal law, by submitting an application\nfor license, the applicant shall be deemed to have appointed the clerk of the\nCommission as the agent for service of process on the applicant in any action or\nproceeding arising in the Commonwealth out of or in connection with the exercise\nof the license. Such appointment of the clerk of the Commission as agent for\nservice of process shall be irrevocable during the period within which a cause\nof action against the applicant may arise out of transactions with respect to\nsubjects of insurance in the Commonwealth. Service of process on the clerk of\nthe Commission shall conform to the provisions of Chapter 8 (§ 38.2-800 et\nseq.).\n\nH. The license processing fee required by this section shall be collected by the\nCommission, paid directly into the state treasury, and credited to the\n“Bureau of Insurance Special Fund — State Corporation\nCommission” for the maintenance of the Bureau of Insurance as provided in\nsubsection B of § 38.2-400.\n\nI. Beginning January 1, 2021, each individual settlement broker shall submit\nbiennially to the Commission a renewal application in a form and manner\nprescribed by the Commission, along with a nonrefundable renewal application\nprocessing fee prescribed by the Commission, for the renewal of the license.\nLicenses shall be renewed biennially based on the viatical settlement\nbroker’s month and year of birth. The license for a viatical settlement\nbroker born in an even-numbered year shall expire at the end of the\nbroker’s birth month in even-numbered years. The license for a viatical\nsettlement broker born in an odd-numbered year shall expire at the end of the\nbroker’s birth month in odd-numbered years. Any viatical settlement broker\nlicense for which the renewal application and nonrefundable renewal application\nprocessing fee have been received by the Commission and all other applicable\nlicensing and renewal provisions in this chapter have been met shall, unless the\nlicense has been terminated, suspended, or revoked, be renewed for a two-year\nperiod. Any viatical settlement broker license for which the renewal application\nand nonrefundable renewal application processing fee have not been received by\nthe Commission shall automatically be terminated.\n\nJ. On or before May 1, 2021, and biennially thereafter, each business entity\nlicensed as a viatical settlement broker shall submit to the Commission a\nrenewal application, along with a nonrefundable renewal application processing\nfee prescribed by the Commission, for the renewal of the license. Any viatical\nsettlement broker license for which the renewal application and nonrefundable\nrenewal application processing fee have been received by the Commission and all\nother applicable licensing and renewal provisions in this chapter have been met\nshall, unless the license has been terminated, suspended, or revoked, be renewed\nfor a two-year period. Any viatical settlement broker license for which the\nrenewal application and nonrefundable renewal application processing fee have\nnot been received by the Commission shall automatically be terminated.\n\nK. The nonrefundable renewal application processing fee shall be paid in a\nmanner and in an amount prescribed by the Commission. The nonrefundable renewal\napplication processing fee shall be collected by the Commission and paid\ndirectly into the state treasury and credited to the fund for the maintenance of\nthe Bureau of Insurance as provided in subsection B of § 38.2-400.\n\nL. An individual viatical settlement broker whose license terminates due to\nfailure to renew may, within 12 months from the renewal date, reinstate the same\nlicense by submitting the renewal application and a nonrefundable reinstatement\nprocessing fee equivalent to double the nonrefundable renewal application\nprocessing fee.\n\nM. An individual viatical settlement broker who is unable to comply with the\nlicense renewal requirements due to military service or another extenuating\ncircumstance such as a long-term illness or incapacity may request a waiver of\nthose requirements. Requests for waivers of renewal requirements shall be made\nin a form and manner prescribed by the Commission. Viatical settlement brokers\nseeking a waiver of renewal requirements shall submit all documentation\nspecified by the Commission so as to be received by the Commission no later than\nthe last day of the renewal period. After the renewal period, viatical\nsettlement brokers who have failed to complete the renewal waiver requirements\nmay request a waiver from the reinstatement requirements set forth in subsection\nL within the 12-month reinstatement period. The Commission shall approve or\ndisapprove the waiver request within 30 calendar days of receipt thereof, and\nshall provide written notice of its decision to the applicant for waiver within\nfive calendar days of rendering its decision. Any waiver granted pursuant to\nthis section shall be valid only for the renewal period or reinstatement period\nfor which the waiver request was made.\n\nN. Each applicant for a viatical settlement broker license shall provide\nsatisfactory evidence that no disciplinary action has resulted in the suspension\nor revocation of any federal or state license pertaining to the business of\nviatical settlements or to the insurance or other financial services business.\n\nO. In the absence of a written agreement making the broker the viator’s\nagent, viatical settlement brokers are presumed to be agents of viatical\nsettlement providers.\n\nP. A viatical settlement broker shall not, without the written agreement of the\nviator obtained before performing any services in connection with a viatical\nsettlement, seek or obtain any compensation from the viator.\n\nHISTORY: 2001, c. 706; 2003, c. 717; 2008, c. 213; 2016, c. 552; 2018, c. 131;\n2019, c. 675.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}