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NC DOI »   Licensees »   Viatical Settlement Provider Licensing

Viatical Company Licensing

Viatical Settlement Provider License Renewal Notice

Viatical Settlement Provider License Renewal Notice

What is a viatical settlement in North Carolina?

NCGS 58-58-205 Provides Definitions for Viatical Settlement

“Viator” means the owner of a policy, or certificate holder under a group policy, who enters or seeks to enter a viatical settlement contract.

A viator shall not be limited to an owner of a life insurance policy or a certificate holder with a terminal or chronic illness or condition except where specifically addressed.

Viatical Settlement Provider Licenses must be renewed annually.

“Viatical settlement provider” means a person, other than a viator, that enters into a viatical settlement contract on residents of this State, or residents of another state, from offices within this State. "Viatical settlement provider" or "provider" does not include:

  1. A bank, savings bank, savings and loan association, credit union, or other licensed lending institution that takes an assignment of a life insurance policy as collateral for a loan;
  2. The issuer of a life insurance policy providing accelerated benefits under rules adopted by the Commissioner and under the contract;
  3. An authorized or eligible insurer that provides stop-loss coverage to a viatical settlement provider, purchaser, financing entity, special purpose entity, or related provider trust;
  4. A natural person who enters into or effectuates no more than one agreement in a calendar year for the transfer of life insurance policies for any value less than the expected death benefit;
  5. A financing entity;
  6. A special purpose entity;
  7. A related provider trust;
  8. A viatical settlement purchaser; or
  9. An accredited investor or qualified institutional buyer as defined respectively in Regulation D, Rule 501 or Rule 144A of the Federal Securities Act of 1933, as amended, and who purchases a viaticated policy from a viatical settlement provider.

Viatical Settlement Statutes NCGS 58-58-205 through NCGS 58-58-310.

Quick Links

  • Viatical Settlement Provider License Instructions
  • Viatical Settlement Provider Directory
  • CITRIX ShareFile Instructions

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