§ 8-601. Definitions
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 8-601
§ 8-601. Definitions
(b) “Activities of daily living” includes bathing, continence, dressing, eating, toileting, and transferring.
(c) “Chronically ill” means that an individual:
(d) “Credit enhancer” includes an authorized insurer that provides to a viatical settlement provider stop loss coverage, an annuity policy, an insurance policy, or similar coverage.
(e) “Financing entity” means a person:
(1) that is an underwriter, a placement agent, a lender, a purchaser of securities, a purchaser of a policy or certificate from a viatical settlement provider, a credit enhancer, or an entity that has a direct ownership interest in a policy or certificate that is the subject of a viatical settlement contract; and
(f) “Fraudulent viatical settlement act” means a fraudulent insurance act as described in § 27-403(6) of this article.
(g) “Policy” means an individual or group policy, group certificate, contract, or arrangement of life insurance that affects the rights of a resident of the State or that bears a reasonable relation to the State, regardless of whether delivered or issued for delivery in the State.
(h) “Related provider trust” means a titling trust or other trust that:
(i) “Special purpose entity” means a corporation, partnership, trust, limited liability company, or other similar entity formed solely to provide, either directly or indirectly, access to institutional capital markets for a financing entity or a registered viatical settlement provider.
(j) “Terminally ill” means that an individual has an illness or sickness that can reasonably be expected to result in death in 24 months or less.
(k)(1) “Viatical settlement broker” means an insurance producer who:
(2) “Viatical settlement broker” does not include an attorney, certified public accountant, or financial planner accredited by a nationally recognized accreditation agency, who is retained to represent the viator and whose compensation is not paid directly or indirectly by the viatical settlement provider.
(l)(1) “Viatical settlement contract” means a written agreement that establishes the terms under which compensation or anything of value will be paid, which compensation or value is less than the expected death benefit of the policy, in return for the viator's assignment, transfer, sale, devise, or bequest of the death benefit or ownership of any part of the policy.
(m)(1) “Viatical settlement provider” means a person, other than a viator, that enters into or effectuates a viatical settlement contract.
(n) “Viaticated policy” means a policy that has been acquired by a viatical settlement provider under a viatical settlement contract.
(o)(1) “Viator” means the owner or certificate holder of a policy who enters or seeks to enter into a viatical settlement contract.
Added by Acts 2004, c. 275, § 1, eff. Oct. 1, 2004.
May 27, 1933, ch. 38, Title I, 48 Stat. 74, codified at 15 U.S.C.A. § 77a et seq.
MD Code, Insurance, § 8-601, MD INSURANCE § 8-601
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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