OAR 836-014-0320
Requirements for Brokers

(1)

A life settlement broker may not seek or obtain any compensation from the policyholder or certificate holder without the written agreement of the policyholder or certificate holder obtained before the broker performs any services in connection with the life settlement.

(2)

Intentionally left blank —Ed.

(a)

Unless convicted of a felony as described in section 17(2), chapter 711, Oregon Laws 2009 (Enrolled Senate Bill 973), a life insurance producer meets the licensing requirements of this section and is permitted to operate as a life settlement broker in this state if the producer has been duly licensed:

(A)

As a resident insurance producer with a life line of authority in this state for at least one year; or

(B)

In the producer’s home state for at least one year and is licensed as a nonresident producer in this state.

(b)

A life insurance producer qualified to operate as a life settlement broker under this section must:

(A)

Not later than 30 days from the date the producer first acts as a life settlement broker, submit an application for a life settlement broker license;

(B)

Have in place an anti-fraud plan as required by section 17(10), chapter 711, Oregon Laws 2009 (Enrolled Senate Bill 973); and

(C)

Comply with all other requirements of ORS 744.319 to 744.358 pertaining to acting as a life settlement broker.

(3)

A life settlement broker may not also be licensed as a life settlement investment agent.

(4)

The anti-fraud plan required under this rule must include initiative reasonably calculated to detect, prosecute and prevent fraudulent life settlement acts. The anti-fraud plan must include but need not be limited to:

(a)

A provision for use of fraud investigators;

(b)

A description of the procedures for detecting and investigating possible fraudulent life settlement acts and procedures to resolve material inconsistencies between medical records and insurance applications;

(c)

Procedures for reporting possible fraudulent life settlement activities to the director;

(d)

A plan for anti-fraud education and training of the broker’s staff and employees; and

(e)

A description or organizational chart of the personnel responsible for implementing and maintaining the integrity of the anti-fraud plan.

(f)

A demonstration that procedures are in place to prevent any person convicted of a felony involving dishonesty or breach of trust to participate in the life settlement operations of the applicant.

Source: Rule 836-014-0320 — Requirements for Brokers, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=836-014-0320.

836‑014‑0001
Purpose, Authority and Effective Date 836‑014‑0005
Applicability and Scope 836‑014‑0010
Required Capitalization 836‑014‑0015
Annual Financial Statement 836‑014‑0020
Deposits 836‑014‑0025
Bond 836‑014‑0030
Sales Representatives 836‑014‑0035
Registration of Legal Expense Organization 836‑014‑0040
Amendments to Registration 836‑014‑0042
Renewal of Legal Expense Organization Registration 836‑014‑0045
Unfair Trade Practice 836‑014‑0100
Actuarial Certification 836‑014‑0200
Statutory Authority and Implementation 836‑014‑0205
Definitions 836‑014‑0210
License Fees 836‑014‑0220
Life Settlement Provider License Requirements 836‑014‑0226
Life Settlement Investment Agent Licensing Requirements 836‑014‑0230
Renewal Requirements 836‑014‑0240
Filing Requirements, Life Settlement Contracts and Disclosure Statement Forms 836‑014‑0250
Contents of Life Settlement Contracts 836‑014‑0260
Rights and Duties of Parties to Life Settlement Contract 836‑014‑0263
Request to Insurer for Verification of Coverage 836‑014‑0265
Response by Insurer 836‑014‑0270
Standards for Evaluation of Reasonable Payments 836‑014‑0280
Disclosure Required 836‑014‑0285
Disclosures to Insurer 836‑014‑0290
Contacts by Life Settlement Provider or Broker 836‑014‑0300
Advertising Standards 836‑014‑0310
Reporting Requirements 836‑014‑0320
Requirements for Brokers 836‑014‑0325
Disclosures Required by Life Insurers 836‑014‑0330
Unfair Trade Practices
Last Updated

Jun. 8, 2021

Rule 836-014-0320’s source at or​.us