Life Settlement Broker/Firm License

​​​​​​​  ​​​Last Updated: March 28, 2016

​ Jump to Section: ​Life Settlement Broker - Individual | Life Settlement Broker - Firm​

Life Settleme​nt Broker Individual License

A Life Settlement Broker is a person who, on behalf of an owner and for a fee, commission, or other valuable consideration, offers or attempts to negotiate life settlement contracts between an owner and one or more providers, or one or more brokers. "Broker" does not include an attorney or certified public accountant who is retained to represent the owner and whose compensation is not paid directly or indirectly by the provider or purchaser. For more information, please refer to s. 632.69, Wis​. Stat  ​​., and s. Ins 2.18, Wis. Adm. Code  ​​​.

Life Settlement Broker licenses are not classified as resident or nonresident. The same application requirements are required for both resident and nonresidents. Nonresident applicants need not have a reciprocal license in their resident state.

Initial Application Requirements

1. Copy of an original endorsement from a licensed insurer identifying professional liability insurance held by the applicant in an amount not less than $1 million total annual aggregate for all claims during the policy period.
2. Electronic confirmation of completion of the initial 8 hours life settlement training requirement. If electronic confirmation is not available, the applicant must provide evidence satisfactory to the commissioner of completion of the training requirement.
3. A list of licensed providers including the names and addresses of companies the broker will be representing.
4. Apply via nipr.com  ​​​ or through an NIPR authorized business partner  ​​​.
5. Pay license fee of $750.
   

Renewal Requirements due July 1st of Every Year

1. Copy of an original endorsement from a licensed insurer identifying professional liability insurance held by the applicant in an amount not less than $1 million total annual aggregate for all claims during the policy period.
2. Electronic confirmation of completion of the 2 hours life settlement training requirement. If electronic confirmation is not available, the applicant must provide evidence satisfactory to the commissioner of completion of the training requirement.
3. A list of licensed providers including the names and addresses of companies the broker will be representing.
4. Apply via nipr.com  ​​ or through an NIPR authorized business partner  ​​​.
5. Pay annual license renewal fee of $250.
   

Life Settlement Broker Individual licenses are not eligible for reinstatement. If your license expires, you must re-apply via nipr.​​com  ​​ or an NIPR authorized business partner  ​​​ and pay a licensing fee of $750.

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Life Settlement Broker Firm License

A Life Settlement firm is a corporation, partnership or other legal entity who, on behalf of an owner and for a fee, commission, or other valuable consideration, offers or attempts to negotiate life settlement contracts between an owner and one or more providers, or one or more brokers. For more information, please refer to s. 632.69, Wis. Stat.  ​​, and s. Ins 2.18, Wis. Adm. Code.  ​​

Initial License Application Requirements

1. An original endorsement from a licensed insurer identifying professional liability insurance held in an amount not less than $1 million total annual aggregate.
2. A list of licensed providers which includes the names and addresses of companies the broker will be representing.
3. Provide copy of certificate of completion issued to the Designated Responsible Licensed Producer regarding the 8-hour training requirement.
4. Designated Responsible Licensed Producer (DRLP) need only have an active Wisconsin Intermediary License.
5. Apply via nipr.com  ​​ or through an NIPR authorized business partner  ​​​.
   
6. Pay license fee of $750.

Renewal Application Requirements due July 1st​ of Every Year

1. An original endorsement from a licensed insurer identifying professional liability insurance held in an amount not less than $1 million total annual aggregate.
2. A list of licensed providers which includes the names and addresses of companies the broker will be representing.
3. Provide copy of certificate of completion issued to the Designated Responsible Producer licensed individual representative regarding the 2-hour training requirement.
4. Apply via nipr.com  ​​​ or through an NIPR authorized business partner  ​​​.
5. Pay license fee of $250.

Life Settlement Broker Firm licenses are not eligible for reinstatement. If your license expires you must re-apply via nipr.com   or an NIPR authorized business p​artner  ​​​ and pay a licensing fee of $750.

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