COVID-19 Procedures: All business with the Commission should be through electronic filing systems, email, or by telephone. For public health safety, in-person visits to SCC offices are suspended. Filings or other deliveries are permitted by drop off at main entrance. On-site staff is minimal and processing of such deliveries may be delayed.
Viatical Settlement BrokersLicense Renewal
- A person who negotiates viatical settlements on behalf of a life Insurance policy holder.
- Viatical Settlement Brokers (“VSB”) work with several financial institutions that buy insurance policies, to find the best prices for their clients.
- A VSB offering life settlements must be licensed.
- An Attorney, Accountant, or Financial Planner who is not paid by the provider or settlement purchaser, or who represents the Viator, is not considered a Viatical Settlement Broker.
- Business entity acting as a Viatical Settlement Broker is required to obtain a VSB license.
- The business entity must have at least one individual licensed VSB responsible for the business entity’s compliance with Virginia Insurance laws, rules and regulations.
- A Broker (VSB) must first obtain a written agreement from the Viator before performing any services or obtaining any compensation from the Viator.
- A Broker (VSB), as required by Virginia Code, must complete the Annual Certification of Anti-Fraud Initiatives Form within 60 days of being licensed, and annually thereafter by March 1st of each year. Email the completed form and any questions concerning your compliance status to VSBAnti-FraudPlan@scc.virginia.gov.