§ 2548.20. Notification/License Terms.

(a) A life producer who has complied with the procedure in Section 2548.19 herein will be granted a two-year life settlement broker notification which will coincide with the terms of his or her two-year life producer license. The license renewal date for the life settlement broker notification is the same date as that of the individual's life producer license;

(b) A life settlement broker who has complied with the procedure in Section 2548.17 herein will have a one-year license term. The license renewal date for this license is the last day of the month in the year following the year of the license's issuance.

(c) A life settlement broker or a life producer who has notified the Commissioner that he or she is brokering life settlements who has not renewed on or before the applicable renewal date expires must discontinue transacting life settlements. To resume brokering life settlements, such individuals must either re-apply or re-notify the Commissioner as applicable per Section 2548.7.

HISTORY

1. New section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency regulation shall remain in effect, not to be repealed by the Office of Administrative Law, unless repealed by the Department of Insurance pursuant to Insurance Code section 10113.35 (Register 2010, No. 31).

2. Change without regulatory effect amending Note filed 1-24-2012 pursuant to section 100, title 1, California Code of Regulations (Register 2012, No. 4).

Note

Note: Authority cited: Section 10113.35, Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th Century Ins. Co. v. Garamendi, 8 Cal. 4th 216 (1994). Reference: Section 10113.2, Insurance Code.