Is there a financial responsibility requirement for viatical settlement providers and brokers?
Yes. A viatical settlement provider or a viatical settlement broker must demonstrate evidence of financial responsibility through either (1) a surety bond executed and issued by an insurer authorized to issue surety bonds in Minnesota or evidence of the existence of a deposit of cash, certificates of deposit, or securities or any combination thereof in the amount of $250,000, or (2) proof that financial instruments in accordance with these requirements have been filed with one or more states where the applicant is licensed as a viatical settlement broker.
