| (a) Operating as a life settlement broker. A licensed
life insurance agent may operate as a life settlement broker, provided
that:
(1) the life insurance agent has held a license as
a life insurance agent:
(A) in this state for at least one year; or
(B) in the person's home state for at least one year
and is licensed as a nonresident agent in this state;
(2) notifies the commissioner, within 30 days after
the first date of operating as a life settlement broker, by filing
a completed Life Agent Notification to TDI to Act as a Life Settlement
Broker form accompanied by the $50 fee; and
(3) has an active life insurance agent's license.
(b) Temporary notification. A life insurance agent
that has been operating under a temporary notification must submit
a notification in accord with this section no later than 30 days after
the effective date of this subchapter.
(c) Compliance required. A life insurance agent acting
as a life settlement broker under Insurance Code Chapter 1111A must
comply with all statutes and rules applicable to the business of life
settlements.
(d) Sanctions. The commissioner may revoke the license
of a life insurance agent or impose other sanctions in accord with
Insurance Code Chapters 82, 83, and 84 for a violation of Chapter
1111A or this subchapter.
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