The Oregon Life Settlement Broker license

ORS 744.323(1) requires the license and 744.323(2) then gives it away to a class of people who already hold something else: "A life insurance producer who has been duly licensed as a resident insurance producer with a life line of authority in this state or the producer's home state for at least one year and is licensed as a nonresident producer in this state meets the licensing requirements of this section and is permitted to operate as a life settlement broker in this state."Read it twice for the year, which is the whole of the qualification, and for the second half, which asks a nonresident to hold an Oregon nonresident producer license as well as the resident one at home. Rhode Island writes the same deeming provision at 27-72-3(c) and adds a notice duty within thirty days; Oregon writes no notice at all. For everybody else the route is the ordinary application. ORS 744.328(1) is one list of findings for all three life settlement licenses and it is where the substance of every one of them sits: no conduct that would authorize refusal under 744.338; competent, trustworthy and intending to act in good faith in the capacity applied for; evidence of financial responsibility, which is either a surety bond in the amount and manner the director prescribes or a deposit of cash, certificates of deposit or securities, or any combination; a good business reputation with experience, training or education qualifying the applicant for the business; an antifraud plan under 744.374(10) for a provider or a broker; and, for a provider alone, a detailed plan of operation. 744.328(1)(c) carries a portability clause almost nothing else here has: the director must accept, as evidence of financial responsibility, proof that instruments meeting the same requirements have been filed with at least one other state where the applicant holds one of these three licenses. 744.326 is the application, and 744.326(3) adds a condition on the applicant's own form: a corporate applicant must be incorporated in Oregon or be a foreign corporation authorized to do business here. 744.328(3) makes a nonresident appoint the director as attorney for service of process, effective on the day the license issues and continuing "so long as any liability remains outstanding in this state". There is no examination and no course anywhere in ORS 744.318 to 744.384. 744.323(3) lets the licensee use the term viatical settlement broker instead.

Read at oregonlegislature.gov on 2026-08-19