Life Settlement Broker, Individual/TBA

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:

  • complete a Department approved prelicensing education course totaling not less than 40 hours of instruction.  Visit the Prelicensing Provider/Course List on the portal for provider contact information.
  • pass, within 2 years of applying for the license, licensing exam administered by PSI Services. Visit the Exam Vendor Information page for registration and scheduling instructions. 

Exceptions from the prelicensing requirements:

  • a candidate who has been licensed with a life line of authority for at least one year may waive both the education and exam requirements.
  • A candidate who holds the Chartered Life Underwriter, or the Chartered Life Underwriter Associate designation may waive the education requirement and may take the Life and Health Laws and Regulations exam.
  • A candidate may wave the education requirement if he/she were regularly employed by a life settlement  provider, life  insurance company, life settlement broker, or an insurance producer with a life line of authority for a period of not less than one year during the last three years in responsible insurance duties relating to the use of life insurance and annuity contracts in  the  design  and administration of  plans  for  estate  conservation  and  distribution, employee  benefits  and  business  continuation, and settlements of life insurance and annuity  contracts. A person serving with the Armed Forces may also qualify on the basis of such experience if the one-year period of employment was during the three years next preceding his/her entry into the Armed Forces, and he/she applies within one year after discharge. The candidate must submit a signed and completed Statement of Employer with the license application.

Fingerprints

All applicants must submit fingerprints of both hands.  All New York resident applicants must be electronically fingerprinted with IdentoGo.  Non-resident applicants must submit a completed fingerprint card and fingerprint fees to the Department.  Additional instructions can be found on the Fingerprinting Procedures page.

Application Requirements

Match the submission code numbers listed under the Resident or Non-Resident columns with the corresponding numbers on the Submission Requirements Chart to determine what must be submitted with the license application.

Any required documentation must be uploaded on the license application.

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.

Non-residents, please see the Fee Schedule to determine the licensing fee.

Payment Options

Licensing fees may be paid by credit card, electronic funds transfer (e-check) or paper check.  If electing to pay by paper check, the application will remain pending until the Department receives and processes the check.

There is a $20 fee for any e-check or paper check returned by the bank for insufficient funds.

Apply Online

To access the individual/tba adjuster application, visit the DFS Portal:

Check Status/Print License

The Department no longer mails paper licenses. Print the license as soon as it is issued.

Browsers and Blockers:

  • Use a supported browser: The latest version plus one previous of IE, FF, Chrome and Safari, are supported.
  • Disable “Pop-up Blockers” in your browser before using DFS portal applications.
  • Maintenance: Application may be unavailable from 7:30am to 7:45am daily for scheduled maintenance.

Apply by paper application

You must email [email protected] to obtain a paper application and instructions.