Viatical settlement providers are in the business of providing life insurance policyholders who are suffering from a life threatening illness with the ability to “cash out”, at a discounted amount, from the death benefit value of a policy, in exchange for surrendering the policy.
In Alaska, the NIPR website may be used to begin the process of licensing.
You are also required to obtain a $200,000 surety bond as a condition of obtaining a license.
Qualifying for the $200,000 Alaska viatical settlement provider surety bond includes the completion of an application and undergoing a review by an underwriter. The application in some cases may be submitted by you with an electronic signature.
As part of the review process, a credit inquiry will be required. Because of the bond’s large amount, in some cases you may be asked to provide “additional information”; however, this is not always the case.
Approval for this bond is almost entirely based on you credit. The premium can range from 1.5% of the bond’s amount to 10%.
Upon approval of your bond and payment of the premium, it is issued to you immediately. Your bond and a Power of Attorney (POA) form are sent to you for filing.
Upon receipt of your original papers by mail, you’ll sign your bond and file all documents received to:
State of Alaska
Department of Commerce, Community, & Economic Development
Division of Insurance
P.O. Box 110805, 333 Willoughby Avenue
Juneau, AK 99811-0805
The premium for your viatical settlement provider bond is for one year from the date of issuance and renews on the anniversary of its issuance. An active surety bond must always be on file with the state’s Division of Insurance as a condition of continued licensing.
The purpose of this surety bond is a financial guarantee which ensures your compliance with Alaska Insurance Regulation 3 AAC 31.315, as amended.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide viatical settlement provider surety bonds wherever required nationwide.
Our agency is also an online aggregator of license and permit, court, probate and other surety bonds in Alaska and all 50 states.
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