To be considered for licensure as a viatical settlement broker pursuant to Iowa Code section 508E.3, a person must file a completed viatical settlement broker license application, pay an application fee in the amount of $100, and submit all documents as required in the viatical broker application. In addition to submitting the application and fee the applicant must provide proof of one of the following:
- The applicant has taken and passed an examination on viatical and life settlement contracts required by another state insurance department and currently holds a license as a viatical settlement broker from that state; or
- The applicant has passed the Iowa Viatical Settlement examination. Examination results are valid for 90 days after the date of the examination. If the applicant fails to apply for licensure within 90 days after passing the examination, the examination results shall be void.
Iowa Insurance Division administrative rules regarding the licensure of viatical settlement brokers can be found in Iowa Administrative Code chapter 48.
Renewal Process
A viatical settlement broker license may be renewed by demonstration of completion of continuing education as required in subrule 191-48.3(5), payment of $100 within 90 days prior to the expiration date of the license, and completion of the Viatical Settlement Broker License Application every three years as required by Iowa Code section 508E.3.
Iowa Insurance Division administrative rules regarding the licensure of viatical settlement brokers can be found in Iowa Administrative Code chapter 48.
Reinstate or Reissue a License
A former viatical settlement broker shall be permitted to reinstate their authority within 12 months of its expiration in order to continue to operate as a viatical settlement broker in Iowa as long as either of the following apply.
- If the insurance producer’s life line of authority is reinstated and all other requirements for the authority to be a viatical settlement broker in Iowa are fulfilled.
- The viatical settlement broker completes the Viatical Settlement Broker License Application.
Iowa Insurance Division administrative rules regarding the licensure of viatical settlement brokers can be found in Iowa Administrative Code chapter 48.
Continuing Education
Iowa Code section 508E.3 details the continuing education requirements for viatical settlement brokers. If the viatical settlement broker has authority to sell viatical settlements under their active life license and has met the CE requirements of that active life license, no additional continuing education is required for this authority. If the viatical settlement broker does not have an active life license, the viatical settlement broker must complete 20 continuing education credits related to viatical settlements and viatical settlement transactions.
License or Authority Status
Individuals with Viatical Settlement Brokers authority in Iowa can check the status of their authority. Please complete the appropriate forms to request a change of name or doing business as (DBA) name, change of address, or to voluntarily surrender a license.