Insurance License Hub

The Illinois Viatical Settlement Provider license

Viatical Settlement Provider

The company that buys the policy. At $3,000 to apply and $1,500 a year to keep, it is the most expensive license Illinois issues, and it is on the Department's second list rather than on its fee schedule.

Course

None

This license has no pre-licensing course route.

Ways in

1

There is no state exam for this license.

Exam

n/a

Not required on any of the routes below.

Every way to qualify

  1. Route 1 File the plan of operation, the financial responsibility and the contract

    No state exam for this license

    Financial responsibility

    • $125,000 of financial responsibility in a format the Director prescribes: a surety bond from an insurer authorized to issue surety bonds in Illinois, a deposit of cash, certificates of deposit or securities or any combination, or an irrevocable letter of credit. A bond runs in favor of the State and specifically authorizes recovery by the Director on behalf of anyone damaged by the provider's erroneous acts, failure to act, conviction of fraud or conviction of unfair practices. Proof that the same instruments have been filed with another state where the applicant is licensed is accepted instead.

    and the plan, the contract and the antifraud plan

    • A detailed plan of operation, competence and trustworthiness and an intention to act in good faith, a good business reputation with experience, training or education qualifying the applicant for the business, a certificate of good standing from the state of domicile where the applicant is a legal entity, and an antifraud plan meeting Section 65 of the Act. The Director may require disclosure of every stockholder, partner, officer, member and employee, and of the method the applicant will use to determine and receive life expectancies, its intended use of them, and a written plan of policies and procedures for determining them.

    215 ILCS 159/10(a) requires the license from the chief insurance regulatory official of the state of residence of the viator, and 159/10(h) and (i) set the fees: $3,000 with the application and $1,500 on each anniversary, both into the Insurance Producer Administration Fund, with failure to pay by the renewal date expiring the license outright. A license issued to a legal entity authorizes all its partners, officers, members and designated employees to act as providers, and every one is named in the application. A nonresident applicant files a written designation of an agent for service of process or an irrevocable consent to service on the Director. There is no examination and no course for the provider: the four hours at 159/11 are the broker's.

    Read at ilga.gov on 2026-08-20

No national seller sells a course for this license. Nothing about it is examined and the four-hour viatical training the Act requires belongs to the broker rather than to the provider.