A. A person may not act as a viatical settlement provider without a license from the superintendent issued pursuant to this section and subject to the provisions of this chapter.

B. A person may not perform the functions of, or otherwise act as, a viatical settlement producer without a license from the superintendent as a life and health insurance producer.

C. A person may not act as an independent viatical producer without a license from the superintendent as a life and health insurance producer with independent authority.

C-1.__If there is more than one viator on a single policy and the viators are residents of different states, the settlement contract is governed by the law of the state in which the viator having the largest percentage ownership resides or, if the viators hold equal ownership, the state of residence of one viator agreed upon in writing by all viators.

D. A viatical settlement provider license issued to a person authorizes all partners, officers and key management personnel of that person to act on that person's behalf as if these individuals are also licensed, unless such activity requires a license under another provision of this Title. These persons must be named in the application and any supplements to the application and the authorization terminates upon the expiration, suspension or revocation of the license.

E. Notwithstanding the provisions of this section, if a person acts as a viatical settlement provider, a viatical producer or an independent viatical producer without being licensed, the person is subject to all other provisions of this chapter as if this person were licensed as a viatical settlement provider or viatical settlement independent producer.

2. Application; fee. Application for a viatical settlement provider license must be made to the superintendent by the applicant on a form prescribed by the superintendent. The application must be accompanied by a fee of not to exceed $400 in accordance with section 601.

3. Renewal. A license for a viatical settlement provider is continuous so as long as the licensee remains qualified. The