A Hawaii resident wants to become licensed as a Life Settlement Broker.

B. 1 year is correct. The Hawaiʻi Insurance Division specifically requires a resident applicant for a Life Settlement Broker license to have been licensed as a resident insurance producer with a Life line of authority for at least one year before becoming eligible for the settlement-broker license. The current DCCA licensing guidance states this prerequisite directly, and the official Life Settlement Broker/Provider application reinforces the same requirement.

A life settlement broker represents the owner of an existing life insurance policy in negotiating or offering a life settlement contract to settlement providers. This role is distinct from that of a life settlement provider, which is the party entering into the settlement contract to acquire an interest in the policy.

The prerequisite reflects the specialized nature of the transaction. Life settlements can involve policy ownership transfers, beneficiary changes, taxation, privacy of medical information, compensation disclosure, and the surrender of valuable contractual rights.

Six months is insufficient. Two and five years exceed the minimum period prescribed by the Insurance Division.

Reference topics: Hawaiʻi Life Settlement Broker Licensing; Life Line of Authority; HRS Chapter 431C; Insurance Producer Qualification.

===============