Department of Labor

Life Settlement Broker

Description:

A Life Settlement Broker is licensed to solicit, negotiate or offer to negotiate an agreement under which compensation is provided to the owner of a life insurance policy in return for assignment, transfer, sale, release devise or bequest of any portion of

• the death benefit;
• the ownership of the policy; or
• any beneficial interest in the policy, or in a trust or any other entity that owns the policy, where a primary purpose of the transaction is to acquire the policy.

Prelicensing Requirements:

To qualify for a license, the licensing candidate must meet the following prelicensing requirements on the NYS Department of Financial Services website.

Fees and Renewal Period:

Licenses are issued for up to 2 years. Individual/tba licenses will be issued with an expiration date determined by the applicant’s date of birth:

• If born in an even numbered year, the license will expire on the birthday in an even numbered year.
• If born in an odd numbered year, the license will expire on the birthday in an odd numbered year.

All licensing fees are non-refundable. A full fee is charged when a license is issued for a licensing period of more than one year; a half fee is charged when a license is issued for a period of one year or less.

For New York residents the full fee is $80, half fee is $40.

Licensing Authority:

NYS Department of Financial Services
1 State Street
New York, NY 10004-1511

Standard Occupational Classification:

13-2099 - Financial Specialists, All Other
To learn more about this occupation search the Occupational Information Network (O*Net).

Disclaimer:

Fees stated and other information contained in this report are subject to change. Please contact the licensing authority listed above for the most current information.

This page was last updated on 2/24/21.