- A person who negotiates viatical settlements on behalf of a life Insurance policy holder.
- Viatical Settlement Brokers (“VSB”) work with several financial institutions that buy insurance policies, to find the best prices for their clients.
- A VSB offering life settlements must be licensed.
- An Attorney, Accountant, or Financial Planner who is not paid by the provider or settlement purchaser, or who represents the Viator, is not considered a Viatical Settlement Broker.
- Business entity acting as a Viatical Settlement Broker is required to obtain a VSB license.
- The business entity must have at least one individual licensed VSB responsible for the business entity’s compliance with Virginia Insurance laws, rules and regulations.
- A Broker (VSB) must first obtain a written agreement from the Viator before performing any services or obtaining any compensation from the Viator.
- Effective July 1, 2023, a broker (VSB) will affirm when submitting an initial or renewal application that they will or have implemented, and operated antifraud initiatives reasonably calculated to detect, prosecute, and prevent fraudulent viatical settlement acts (or life settlement acts) in compliance with § 38.2-6011.E of the Code of Virginia from the effective date of initial licensure as a viatical settlement broker (or life settlement broker) in Virginia and further certify that they will maintain the operation of these antifraud initiatives while they continue to be licensed as a Virginia viatical settlement broker (or life settlement broker). Brokers (VSB) are not required to provide an updated copy of the antifraud plan to the Commission unless requested. This replaces the form filing requirement and the annual March 1 filing. Questions concerning compliance may be sent to AgentLicensing@scc.virginia.gov.