Investigation of applicant and issuance of license; provision of new or revised information to Commissioner.
1. Upon the filing of an application and payment of the fee, the Commissioner shall investigate the applicant, and issue a license if he finds that the applicant:
(a) If a provider of viatical settlements, has set forth a detailed plan of operation;
(b) Is competent and trustworthy and intends to act in good faith in the capacity for which the license is sought;
(c) Has a good reputation in business and, if a natural person, has had experience, training or education which qualifies him in that capacity;
(d) If an organization, provides a certificate of good standing from the state of its domicile; and
(e) If a provider or broker of viatical settlements, has included a plan to prevent fraud which satisfies the requirements of NRS 688C.490.
2. The Commissioner shall not issue a license to a nonresident unless a written designation of an agent for service of process, or an irrevocable written consent to the commencement of an action against the applicant by service of process upon the Commissioner, accompanies the application.
3. A provider or broker of viatical settlements shall furnish to the Commissioner new or revised information concerning partners, members, officers, holders of more than 10 percent of its stock, and designated employees within 30 days after a change occurs.
Last modified: February 27, 2006