State of California
Department of Insurance
Life Settlement Provider
Annual Statement
(To be filed on or before March 1
st
of each year)
1. FOR THE YEAR ENDING:
DECEMBER 31, _________.
2. PROVIDER FEIN #:
___________________________
3. LIFE SETTLEMENT PROVIDER INFORMATION:
a. Full name of Life Settlement Provider, including all d.b.a.’s:
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
b. Organized under the laws of the State of:
________________________________
c. Date licensed as a Life Settlement Provider:
___________________________
d. Address of Provider’s Administrative Office:
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
e. Is the above address the location of all provider books and business records?
Yes.
No, the address to the location of all provider’s books and business records is:
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
f. Provider’s mailing address (if different from above):
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
g. Name of contact person:
________________________________
h. Telephone number for contact person:
___________________________
4. LIFE SETTLEMENT PROVIDER OWNERSHIP INFORMATION: In the table below, list the
name, title, percentage of ownership interest, business address, and residence address of each individual
who is responsible for the conduct of the Life Settlement Provider’s affairs, or has the ability to exercise
significant control over the provider, including but not limited to officers, directors, trustees, partners,
shareholders holding a ten percent (10%) or greater interest in provider and key personnel. Place an
asterisk (*) next to the name of any individual not reported on the most recent Annual Statement or
application. Attach additional sheets if necessary. Additional sheets attached.
NAME TITLE % OWN BUSINESS ADDRESS
RESIDENCE ADDRESS
LIFE SETTLEMENT PROVIDER’S ACKNOWLEDGMENT: I declare under penalty of perjury that I am
one of the above-described officers, owners, and/or general partners of
_________________________________________________________________________________________________,
(name of life settlement provider)
that I am responsible for conducting the business of the above-named life settlement provider and that the
information contained in this Annual Statement, including all of its schedules, answers, explanations, and
attachments, is complete and accurate to the best of my knowledge, information, and belief. (Two signatures
required.)
By:
Printed Name:
Title:
Date:
By:
Printed Name:
Title:
Date:
5. POLICY INFORMATION:
a. List the total number (nationwide) of life
insurance policies settled during the
immediately preceding calendar year: ______
b. List the aggregate face amount (nationwide)
for policies settled during the preceding
calendar year: $_______________________
c. List the total number of life insurance policies
settled in California during the immediately
preceding calendar year: _________________
d. List the aggregate face amount for policies
settled with respect to California residents
during the preceding calendar year:
$_______
e. List the total number (nationwide) of life
insurance policies settled involving a retained
beneficiary during the immediately preceding
calendar year: _________________________
f. List the aggregate face amount (nationwide) for
policies settled involving a retained beneficiary
during the immediately preceding calendar year:
$______________________________________
g. List the aggregate premium commitment h. List the total number of life insurance policies
(nationwide) for policies settled involving a settled in California involving a retained
retained beneficiary during the immediately beneficiary during the immediately preceding
preceding calendar year: $__________________ calendar year: ___________________________
i. List the aggregate face amount for policies settled j. List the aggregate premium commitment for
with respect to California residents involving a policies settled with respect to California
retained beneficiary during the preceding calendar residents involving a retained beneficiary during
year: $___________________________________ the preceding calendar year: $_______________
6. Is the provider submitting its audited financial statement with annual statement?
If NO, please ensure an audited financial statement is provided in accordance with
Section 2548.15.
Yes No
7. GENERAL INTERROGATORIES
a. Has there been any change in the provider’s name, organizational structure or status,
Charter, Articles of Incorporation, Bylaws, Partnership Agreement, affiliations,
officers, directors, members, owners, stockholders or location of books and records
since the date of the application or the last Annual statement was filed with the
Department?(Note: Any provider transferring more than 10% of its stock or
ownership to an unlicensed provider is barred from settling policies within this state
until the Commissioner approves a new life settlement application whenever the
provider is either organized within this state or conducting at least 5% of its business
within the state.)
Yes No
(i) If there has been a change, has complete documentation been filed with the
Department (i.e. amendments, biographical affidavits, fingerprint cards)?
Yes No
NA
(ii) If there has been a change and complete documentation was not provided to the
Department, attach a complete documentation.
b. Has any officer, director, member, stockholder, or employee of the provider been the
subject of any administrative or judicial proceeding, had any license denied,
suspended or revoked, been arrested, indicted, convicted, or pled nolo contendere to
any criminal or civil action other than a minor traffic violation, or had a lien,
judgment or foreclosure action filed against him or her since the date of application
or the last Annual Statement was filed with the Department?
If so, attach a detailed explanation sufficient to disclose all relevant details of the
matter, to include its final disposition.
Yes No
c. Does the provider have pending, or has the provider been involved in, any legal
actions, civil suits, criminal proceedings, or had a license denied, suspended, or
revoked by any government agency or regulatory body since the date of application
or the last Annual Statement was filed with the Department?
If so, attach a detailed explanation sufficient to disclose all relevant details of the
matter, to include its final disposition.
Yes No
d. During the preceding year has the provider received any complaints from consumers
alleging that the escrow or third party trustee did not disburse the life settlement
proceeds within three (3) business days of receiving notification that the change in
ownership or beneficial interest had been effected?
If YES, attach a list of such complaints and describe what actions the provider took
to correct the situation and prevent its recurrence. If the settlement funds are yet
unpaid, include an explanation for the delay and anticipated payment date.
Yes No
8. DISCLOSURE INFORMATION
a. Has the provider provided all disclosures required in California Insurance Code
Section 10113.2(e) and Title 10, California Code of Regulations, section 2548.30,
including disclosure of all commissions and fees paid in the life settlement
transaction?
Yes No
9. FORM INFORMATION
a. Has the provider filed with the Department a copy of all life settlement forms to be
used in California?
Yes No
10. CONFIDENTIAL INFORMATION
a. Was all medical or financial information solicited/obtained relative to the life
settlement contract treated as confidential?
Yes No
11. EXAMINATION INFORMATION
a. State what date the last examination on the company was made or is being made and
by what insurance Commissioner.
Date: ___________ Insurance Commissioner ______________________________
12. ESCROW ACCOUNT INFORMATION
a. Has the provider set up an escrow account wherein to deposit funds to pay its policy
owners?
Name the financial institution where the escrow account is located and the name of
the escrow agent:
Name of Financial Institution: ___________________________________________
Name of Escrow Agent: ________________________________________________
Yes No