The Illinois Viatical Settlement Broker license
Viatical Settlement Broker
A registration a life producer of a year's standing files, and the one thing on the Illinois producer side that carries a course requirement the Department had never had recorded here: four hours before anybody negotiates a viatical settlement contract, and four more every two years afterwards.
Course
4 hrs
The shortest single course route.
Ways in
2
None of them requires a state exam, because this license has none.
Exam
n/a
Not required on any of the routes below.
Every way to qualify
More than one route leads to this license, and which one you take changes what you study and whether you sit the exam. They are listed in full because the course is only the first of them.
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Route 1 Hold the life line for a year, take the 4-hour training, then register
No state exam for this license
The producer license underneath it
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1 year a resident insurance producer license with a life line of authority, in Illinois or in the applicant's home state
and one-time training
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4 hours of viatical settlement contracts, covering state and federal law on viatical settlement transactions, the tax implications for participants, the effect on public benefits payments, alternatives to a viatical settlement contract and consumer suitability standards, approved by the Department
and the notice to the Director
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Notice to the Director on the prescribed form that the producer is acting as a viatical settlement broker, an acknowledgement that they will do so in accordance with the Act, and a $500 registration fee. Where a business entity with a producer license registers, the registration authorizes all its partners, officers, members and designated employees to act as viatical settlement brokers, and every one of them is named in the application.
215 ILCS 159/11(a)(1) is the requirement and (b)(1) is the length: "The one-time training required by this Section shall be no less than 4 hours and the ongoing training required by this Section shall be no less than 4 hours over a 24-month period." 159/11(b)(3) fences what may be taught: no training that is specific to, or includes, the sales or marketing material of any company, other than what State or federal law requires. 159/11(c) puts the verification on the viatical settlement provider rather than on the Department, which has to obtain proof that a producer has been trained before letting them negotiate and keep the records. 159/11(d) accepts the same training done in any other state. The Department publishes a Viatical Training Provider List, and 159/11(a)(4) allows the same hours to be approved as continuing education under 500-35(b)(1), so a broker can spend them once.
Read at ilga.gov on 2026-08-20
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Route 2 Be the viator's own attorney, accountant or financial planner
No state exam for this license
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admission as an attorney, a certified public accountant license, or accreditation as a financial planner by a nationally recognized accreditation agency, held by somebody retained to represent the viator and whose compensation is not paid directly or indirectly by the viatical settlement provider
215 ILCS 159/10(f) lets these three negotiate viatical settlement contracts on the viator's behalf without a viatical settlement broker license at all. The condition is not the qualification but who is paying: the exemption is available only where the professional is retained to represent the viator and is not compensated, directly or indirectly, by the provider.
Read at ilga.gov on 2026-08-20
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A course is required and nobody sells one
The four hours are real and somebody does teach them: the Department publishes a Viatical Training Provider List on its All Other Licenses page, kept at State Based Systems rather than by the Department itself. No national seller is on it, and what the national sellers carry for Illinois is producer exam preparation for the life line underneath this registration.