Nonresident Life Settlement Broker

Nonresident Life Settlement Broker – Individual (Initial License)

The application is considered an initial license application even though a license may have been obtained and inactivated pursuant to the repealed Chapter 431E, HRS.

For a complete application:

  1. You must have been licensed for at least one year as an insurance producer with a life line of authority;
  2. If we are unable to verify on the National Producer Database (PDB) that you currently hold an active resident license in another state, a letter of certification from your domicile state will be required; and
  3. Provide the name, address, telephone and facsimile numbers, and e-mail address of an agent for service of process; provided that statute authorizes an action against the applicant may be commenced against the applicant by service of process on the Insurance Commissioner.

After the above has been completed, submit the application, documents, and fees.

  1. Form LSB/LSP – Hawaii Application for Life Settlement License. Submit one with original signature.
  2. Licensing Fees. Make check payable to DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS.

Nonresident Life Settlement Broker– Legal Entity (Initial License)

The application is considered an initial license application even though a license may have been obtained and inactivated pursuant to the repealed Chapter 431E, HRS.

For a complete application:

  1. The entity shall have a current license for at least one year as an insurance producer with a life line of authority;
  2. The entity shall designate an individual who is responsible for the actions of the entity and its employees. The designated individual shall be a licensed broker;
  3. The entity shall disclose the identity of its stockholders, other than stockholders owning fewer than ten per cent of the shares of an applicant whose share are publicly traded, and the identity of its partners, officers, and employees;
  4. If we are unable to verify on the National Producer Database (PDB) that you currently hold an active resident license in another state, a letter of certification from your domicile state will be required; and
  5. Provide the name, address, telephone and facsimile numbers, and e-mail address of an agent for service of process; provided that statute authorizes an action against the applicant may be commenced against the applicant by service of process on the Insurance Commissioner.

After the above has been completed, submit the application, documents, and fees.

  1. Form LSB/LSP – Hawaii Application for Life Settlement License. Submit one with original signature.
  2. Licensing Fees. Make check payable to DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS.

For more information, you may refer to Session Laws of Hawaii 2012 Act 256 which will be codified at a later date as Chapter 431 Life Settlements, Hawaii Revised Statutes.