HB 2070 Summary

• Amends Section 20-3202, Arizona Revised Statutes regarding licensing requirements for life settlement contract brokers and providers.

• Licensed life insurance producers with a life line of authority are deemed to meet broker licensing requirements and may operate as brokers upon notifying the director within 30 days and paying applicable fees.

• Broker license expiration dates must coincide with the expiration date of the life insurance producer's life line of authority under Section 20-289.

• Attorneys and certified public accountants retained to represent policy owners may negotiate life settlement contracts without a broker license if their compensation is not paid by the provider or purchaser.

• Insurers that issue policies subject to life settlement contracts are not liable for acts of brokers, providers, or purchasers unless the insurer receives compensation from these parties in connection with the transaction.