3 AAC 31.340. License renewal

(a) Except as provided in 3 AAC 31.300 - 3 AAC 31.449, the director will renew a viatical settlement provider, viatical settlement broker, or viatical settlement representative license biennially on a date consistent with 3 AAC 23.860, if the licensee continues to be qualified under 3 AAC 31.300 - 3 AAC 31.449 and on or before the close of business on the renewal date, meets all renewal requirements under 3 AAC 23.860. A licensee is responsible for knowing the date that a license lapses and for renewing a license before the expiration date of the license.

(b) If a viatical settlement provider, viatical settlement broker, or viatical settlement representative fails to pay the renewal fee and meet all renewal requirements on or before to the expiration date, the license lapses. A licensee may not act as or represent to be a viatical settlement provider, viatical settlement broker, or viatical settlement representative during the time a license is lapsed. The director may reinstate a lapsed license if the person continues to qualify for the license, pays the applicable license renewal fees set out in 3 AAC 31.025, and pays the applicable fee set out 3 AAC 31.060(a) (8). Reinstatement does not exempt a person from a penalty provided under AS 21.89.110 for transacting business while unlicensed. A license may not be renewed if it has lapsed for two years or longer.

(c) If a licensee does not wish to renew a license issued under AS 21.89.110 and 3 AAC 31.300 - 3 AAC 31.449, the licensee shall surrender the license to the director on or before the close of business on the renewal date in the manner prescribed in AS 21.27.460 .

(d) If a viatical settlement provider has in force, at the time of license renewal, viatical settlement contracts with viators in which the insureds are still living, the viatical settlement provider shall

(1) renew the license until the viatical settlement provider assigns, sells, or otherwise transfers each viatical settlement contract in which an insured is still living, or until each insured who is subject to a viatical settlement contract has died, whichever occurs first; or

(2) appoint, in writing, one of the following to make all inquiries in compliance with 3 AAC 31.385 to the viator or insured, or the viator's or insured's designee, regarding the health status of the viator and other pertinent matters:

(A) the licensed viatical settlement provider who entered into the viatical settlement contract;

(B) the licensed viatical settlement broker who received commissions from the viatical settlement;

History: Eff. 8/25/2002, Register 163

Authority: AS 21.06.090

AS 21.27.460

AS 21.89.110

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