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Life Settlement Broker - Individual & Corporate

Life Settlement Brokers help life insurance policy owners sell their policies through life settlement transactions. Unless exempt under Massachusetts law, individuals and businesses acting as Life Settlement Brokers in Massachusetts must be licensed by the Division of Insurance.

Individual Life Settlement Broker License

To qualify for a Life Settlement Broker license, you must:

  • Hold the life line of authority on your Massachusetts producer license for at least 1-year.  
  • Never had an insurance license revoked or suspended
  • Submit an approved Anti-Fraud Plan

Apply Through NIPR

Submit a complete Life Settlement Broker application through NIPR.

Licensed Life Insurance Producers: A licensed life insurance producer who has held an active Life line of authority for at least one year may act as a Life Settlement Broker. The producer must file a Life Settlement Broker application and pay the required fee within 30 days of beginning Life Settlement Broker activities.

Business Entity Life Settlement Broker License

Businesses that arrange or negotiate life settlement transactions must hold a Business Entity Life Settlement Broker License. Before applying, the business entity must complete the Massachusetts Business Entity licensing process. Learn about Business Entity Licensing Requirements.

License-Specific Requirements

  • At least one affiliated member must hold an active Massachusetts Life Settlement Broker license.
  • Submit an approved Anti-Fraud Plan.
  • Business entities may authorize members, officers, and designated employees to act under the license when properly identified in the application.

Apply Through NIPR

Submit the Business Entity Life Settlement Broker application through NIPR.

Anti-Fraud Plan Requirements: Life Settlement Brokers must maintain Anti-Fraud procedures designed to detect, investigate, and prevent fraudulent life settlement activities. An Anti-Fraud Plan must be submitted to and approved by the Commissioner of Insurance before a license can be issued.

Continuing Education

Licensed Life Settlement Brokers must complete 15 hours of continuing education every two years related to life settlement transactions. This requirement does not apply to licensed life insurance producers operating as Life Settlement Brokers.

Fiduciary Duty: Life Settlement Brokers represent the policy owner and must act in the owner's best interest.

License Exemptions: Certain attorneys, certified public accountants, and accredited financial planners may be exempt from Life Settlement Broker licensing requirements when acting within the scope of their professional services and not receiving compensation from a life settlement provider or purchaser.

Need Help? Producer Licensing Department at producerupdate.mailbox@mass.gov

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