Nonresident Life Settlement Provider

Nonresident Life Settlement Provider – Individual (Initial License)

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an initial license application even though a license may have been obtained and then inactivated pursuant to the repealed Chapter 431E, HRS.

The applicant shall submit as part of a complete application (electronic files accepted for items 1, 2, and 3):

  1. A detailed plan of operation;
  2. An anti-fraud plan that meets the requirements of the Life Settlement Act;
  3. All forms of the life settlement contract, disclosure statement, and advertising it intends to use in this State;
  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, electronic files, and fees.

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

Nonresident Life Settlement Provider – 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considered an initial license application even though a license may have been obtained and inactivated pursuant to the repealed Chapter 431E, HRS.

The applicant shall submit as part of a complete application (electronic files accepted for items 4, 5, and 6):

  1. 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 provider;
  2. 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;
  3. 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;
  4. A detailed plan of operation;
  5. An anti-fraud plan that meets the requirements of the Life Settlement Act;
  6. All forms of the life settlement contract, disclosure statement, and advertising it intends to use in this State; and
  7. 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, electronic files, and fees.

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