632.69(2)(f)
(f) A license issued to a partnership, corporation, or other entity authorizes all members, officers, and designated employees to act as a licensee under the license, if those persons are named in the application or any supplements to the application.
632.69(2)(g)
(g) Upon the filing of an application and the payment of the license fee, the commissioner shall make an investigation of each applicant and shall issue a license if the commissioner finds that the applicant satisfies all of the following:
632.69(2)(g)1.
1. If applying for a provider license, has provided a detailed plan of operation.
632.69(2)(g)2.
2. Is competent and trustworthy and intends to transact its business in good faith.
632.69(2)(g)3.
3. Has a good business reputation and has either the experience, training, or education so as to be qualified in the business for which the license is applicable.
632.69(2)(g)4.a.a. If applying for a provider license, has demonstrated evidence of financial responsibility in a format prescribed by the commissioner through either a surety bond executed and issued by an insurer authorized to issue surety bonds in this state or a deposit of cash, certificates of deposit, or securities or any combination of those in the amount of $250,000. Any surety bond issued under this subd.
4. a. shall be in the favor of this state and shall specifically authorize recovery by the commissioner on behalf of any person in this state who sustains damages as the result of erroneous acts, failure to act, conviction of fraud, or conviction of unfair practices by the provider. The commissioner shall accept as evidence of financial responsibility proof that financial instruments in accordance with the requirements in this subd.
4. a. have been filed in one state where the applicant is licensed as a provider.
632.69(2)(g)4.b.
b. If applying for a broker license, has provided proof of the acquisition of a policy of professional liability insurance in an amount that is satisfactory to the commissioner.
632.69(2)(g)5.
5. If the applicant is a legal entity, is formed or organized under the laws of this state or is a foreign legal entity authorized to transact business in this state, or provides a certificate of good standing from the state of its domicile.
632.69(2)(g)6.
6. Has provided to the commissioner an antifraud plan that meets the requirements of sub.
(15) (i).
632.69(2)(h)
(h) The commissioner may request evidence of financial responsibility under par.
(g) 4. from an applicant at any time the commissioner deems necessary.
632.69(2)(i)
(i) The commissioner shall not issue any license to any nonresident applicant, unless a written designation of an agent for service of process is filed and maintained with the commissioner or unless the applicant has filed with the commissioner the applicant's irrevocable consent that any action against the applicant may be commenced against the applicant by service of process on the commissioner in accordance with the procedures set forth in ss.
601.72 and
601.73.
632.69(2)(j)
(j) Licenses may be renewed annually on July 1 upon payment of the fee specified in s.
601.31 (1) (ms) by a broker, or the fee specified in s.
601.31 (1) (mp) by a provider. Failure to pay the fee by the renewal date shall result in the automatic revocation of the license.
632.69(2)(k)
(k) Each licensee shall file with the commissioner on or before the first day of March of each year an annual statement containing the information required under sub.
(6) (a) and any information the commissioner requires by rule.
632.69(2)(L)
(L) A provider may not use any person to perform the functions of a broker unless the person holds a current, valid license as a broker.
632.69(2)(m)
(m) A broker may not use any person to perform the functions of a provider unless the person holds a current, valid license as a provider.
632.69(2)(n)
(n) A provider or broker shall provide to the commissioner new or revised information about officers, partners, directors, members, designated employees, or stockholders, except stockholders owning fewer than 10 percent of the shares of a provider or broker whose shares are publicly traded, within 30 days of the change.
632.69(2)(o)
(o) The insurer that issued the policy that is the subject of a life settlement contract may not be held responsible for any act or omission of a broker or provider arising out of or in connection with the life settlement, unless the insurer receives compensation for the placement of a life settlement contract from the broker or provider or from a purchaser in connection with the life settlement contract.
632.69(3)(a)(a) An individual applicant for a license under sub.
(2) or a licensee who engages in the business of life settlements in this state shall receive training to ensure all of the following:
632.69(3)(a)1.
1. The individual understands the relation of life settlement transactions to the integrity of a comprehensive financial plan of an owner.
632.69(3)(a)2.
2. The individual has adequate knowledge to competently discuss the material aspects of life settlements with an owner.
632.69(3)(a)3.
3. The individual complies with the laws of this state relating to life settlements.
632.69(3)(b)
(b) Training required under this subsection must be approved by the commissioner and provided by an education provider that is approved by the commissioner. The commissioner may approve the training required under this subsection for continuing education under s.
628.04 (3). Training required under this subsection shall not increase the credit hours of continuing education required by statute or rule. Certification and reporting of completion of the required training shall comply with the requirements of s.
Ins 28.07, Wis. Adm. Code. Any person failing to meet the requirements of this subsection shall be subject to the penalties imposed by the commissioner.
632.69(3)(c)
(c) The satisfaction of the training requirements of another state that are substantially similar to the requirements set forth in this subsection, and are approved by the commissioner, satisfy the requirements of this subsection.
632.69(3)(d)
(d) Training provided under this subsection shall include all of the following topics, at a minimum:
632.69(3)(d)2.
2. Legal relationships among the parties to a life settlement.