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Title 3 . Commerce, Community, and Economic Development
Chapter 31 . Miscellaneous
Section 325. Scope of license

3 AAC 31.325. Scope of license

(a) A viatical settlement broker may not be an agent for, or employee of, a viatical settlement provider.

(b) A viatical settlement broker who offers or attempts to negotiate a viatical settlement contract shall act according to the viator's instructions and in the best interest of the viator or insured and not the viatical settlement provider or any other person.

(c) If a viatical settlement provider, viatical settlement broker, or viatical settlement representative licensed as an individual in a firm changes employers, that viatical settlement provider, viatical settlement broker, or viatical settlement representative remains licensed pending the issuance of a new license, if the licensee otherwise meets the requirements of AS 21.89.110 and 3 AAC 31.300 - 3 AAC 31.449.

(d) A licensee may operate only within the scope of the license the person applied for and received.

(e) A firm shall have a firm license of the same scope as each individual employee of the firm.

(f) Except as provided in 3 AAC 31.305, each individual employee of a firm must be licensed in this state as an individual in the firm.

History: Eff. 8/25/2002, Register 163

Authority: AS 21.06.090

AS 21.89.110

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Last modified 7/05/2006