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§ 8-610.1. Duty of insurer to respond to request for verification of coverage

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 8. Entities that Act as Insurers
Subtitle 6. Viatical Settlement Providers and Viatical Settlement Brokers (Refs & Annos)
MD Code, Insurance, § 8-610.1
§ 8-610.1. Duty of insurer to respond to request for verification of coverage
Currentness
In general
(a) An insurer shall respond to a request for verification of coverage submitted by a viatical settlement provider or a viatical settlement broker under this subtitle, including verification of whether the insurer intends, at the time of the request, to pursue an investigation regarding possible fraud affecting the validity of a policy, within 30 days after the request is received, if the following documents are submitted with the request:
(1) an authorization signed by the viator; and
(2) a “Verification of Coverage for Life Insurance Policies” form adopted by the Commissioner under subsection (d) of this section that has been completed by the viatical settlement provider or viatical settlement broker.
Fee for responding to request for verification of coverage
(b) An insurer may not charge a fee for responding to a request for verification of coverage submitted by a viatical settlement provider or a viatical settlement broker that exceeds $50.
Acknowledgment of receipt of request for verification of coverage
(c)(1) An insurer may send an acknowledgment of receipt of a request for verification of coverage to the viator and, if the viator is other than the insured, to the insured.
(2) The acknowledgment may contain a general description of any accelerated death benefit that is available under the policy.
Form adopted by Commissioner
(d) The Commissioner shall adopt by regulation a “Verification of Coverage for Life Insurance Policies” form.

Credits

Added by Acts 2006, c. 146, § 1, eff. July 1, 2006.
MD Code, Insurance, § 8-610.1, MD INSURANCE § 8-610.1
Current with legislation effective through October 1, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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