Viatical settlements allow gravely ill life insurance holders to cash in, while alive, their insurance policies. This allows them to take some of the benefit of the policy for themselves while alive.
In Colorado, viatical settlement providers are regulated by the state’s Department of Regulator Agencies. In addition to licensing through the agency, you must also furnish the appropriate surety bond.
The Colorado viatical settlement provider bond is a $100,000 surety bond required of licensees.
Qualifying for this surety bond is by means of a standard surety bond application, and a credit score check. Our agency utilizes a soft inquiry which will not adversely affect your score.
In some cases, you may be asked to produce a financial statement (basically a detailing of your net worth --- defined as assets less your liabilities); however, that may not always be required.
Turnaround times from providing an application to getting a decision will typically be a few hours, depending on the time of day the application is submitted.
The premium amount for your Colorado viatical settlement provider bond may typically have a range between 1.5% to 2.5%.
Factors which influence the price of your bond include information provided on your surety bond application and credit scoring.
Once issued, the bond is active for one year from the date of issuance. Our agency can email you a copy of your bond and the original will be mailed to you for filing by the same or the following business day.
The broad purpose of this surety bond requirement is to serve as a financial guarantee that you as a viatical settlement provider you will be in compliance with all rules and statutes governing your profession.
More specifically, the bond guarantees your compliance Title 10, Article 7, Part 6 of the Colorado Revised Statutes.
While required of you as a condition of licensing, the bond is for the protection of any consumers who are harmed as a result of failure to comply with the law.
AmeriPro Surety Bonds is a surety bonds only agency. We provide license and permit, court, and fiduciary bonds throughout Colorado. Our agency also provides surety bonds nationwide.
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