(a) Any business entity acting as a life settlement broker in California pursuant to Insurance Code section 10113.2(b)(1) or 10113.2(b)(1)(D)(ii) shall submit to the California Insurance Commissioner an application for a license, by submitting the form referenced at Section 2548.24 herein. The Commissioner shall have the authority to require an applicant to fully disclose the identification of all stockholders who hold more than 10 percent of the shares of the company, as well as all partners, directors, members, officers, managers, controlling persons, or designated employees. The Commissioner may refuse to issue a license to the business entity if the Commissioner is not satisfied that any stockholder, partner, director, member, officer, manager, controlling person, or designated employee meets the standards of Insurance Code sections 10113.2(b)(1) and 10113.2(b)(2).

(b) Business entities shall submit to the Commissioner the form referenced at section 2548.25 (“Business Entity Endorsement”) that permits individually licensed life settlement brokers to exercise the brokerage powers of the business entity. Upon the termination of employment of any life settlement broker, business entities shall submit to the Commissioner a notice that terminates these individuals' authority to exercise the brokerage powers of the business entity on the form referenced at section 2548.26 herein (“Business Entity Endorsement Termination”).