SECTION 3.1725. Life Insurance Agent Notification

(a) Operating as a life settlement broker. A licensed life insurance agent may operate as a life settlement broker, provided that:

(1) the life insurance agent has held a license as a life insurance agent:

(A) in this state for at least one year; or

(B) in the person's home state for at least one year and is licensed as a nonresident agent in this state;

(2) notifies the commissioner, within 30 days after the first date of operating as a life settlement broker, by filing a completed Life Agent Notification to TDI to Act as a Life Settlement Broker form accompanied by the $50 fee; and

(3) has an active life insurance agent's license.

(b) Temporary notification. A life insurance agent that has been operating under a temporary notification must submit a notification in accord with this section no later than 30 days after the effective date of this subchapter.

(c) Compliance required. A life insurance agent acting as a life settlement broker under Insurance Code Chapter 1111A must comply with all statutes and rules applicable to the business of life settlements.

(d) Sanctions. The commissioner may revoke the license of a life insurance agent or impose other sanctions in accord with Insurance Code Chapters 82, 83, and 84 for a violation of Chapter 1111A or this subchapter.

Source Note: The provisions of this §3.1725 adopted to be effective August 1, 2013, 38 TexReg 4357