Life Settlement Broker License Application: Business Entity
To act as a life settlement broker,
- The business entity must hold an Arizona life insurance producer license and you must notify the Department of Insurance (using Form L-LSB) within the first 30 days of operating as a broker.
- You must include the life settlement broker license fee with Form L-LSB.
To add life settlement broker authority to an Arizona insurance license that expires in 2 years or more
To add life settlement broker authority to an Arizona insurance license that expires in less than 2 years
- Use the License Search feature of the Department of Insurance web site to ensure your license is updated to reflect your authority to act as a life settlement broker.
All insurance professionals (both residents and nonresidents) can apply for licenses, renew licenses, and update addresses and phone numbers online through the National Insurance Producer Registry (NIPR), at www.nipr.com.
NIPR license and renewal applications are easy to complete, and we can usually process them faster than applications that are mailed to us. NIPR charges a small transaction fee (around $5 to $7) to process a license application and fee payment. Many people have found that overall, the added convenience plus the time and postage savings are worth paying the fee.
USE NIPR FOR FREE to change an address, e-mail address or phone number!
ARS § 41-1030(G) requires most Arizona government agencies to prominently print the provisions of ARS § 41-1030(B), (D), (E) and (F) on all license applications. The following is the language in ARS § 41-1030(B), (D), (E) and (F):
B. An agency shall not base a licensing decision in whole or in part on a licensing requirement or condition that is not specifically authorized by statute, rule or state tribal gaming compact. A general grant of authority in statute does not constitute a basis for imposing a licensing requirement or condition unless a rule is made pursuant to that general grant of authority that specifically authorizes the requirement or condition.
D. This section may be enforced in a private civil action and relief may be awarded against the state. The court may award reasonable attorney fees, damages and all fees associated with the license application to a party that prevails in an action against the state for a violation of this section.
E. A state employee may not intentionally or knowingly violate this section. A violation of this section is cause for disciplinary action or dismissal pursuant to the agency’s adopted personnel policy.
F. This section does not abrogate the immunity provided by section 12-820.01 or 12-820.02.