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§ 8-605.1. Viatical settlements and disclosures

West's Annotated Code of MarylandInsuranceEffective: April 13, 2010

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)
Effective: April 13, 2010
MD Code, Insurance, § 8-605.1
§ 8-605.1. Viatical settlements and disclosures
Currentness
Disclosure containing description of services provided to viator
(a) At the time of each application for a viatical settlement, a viatical settlement broker shall provide to the viator a written disclosure that, at a minimum, contains a description of the services required by statute to be provided by the viatical settlement broker to the viator.
Restrictions relating to purchase of policies
(b) A viatical settlement broker may not purchase a policy that is the subject of a viatical settlement brokerage contract between the viatical settlement broker and a viator directly or indirectly through:
(1) a person owning or controlling an interest in the viatical settlement broker; or
(2) a person in which any interest is owned or controlled by the viatical settlement broker.
Submission to viator of offers, counteroffers, acceptances, and rejections
(c) A viatical settlement broker shall submit to the viator all offers, counteroffers, acceptances, and rejections relating to the placement of the viator's policy within 72 hours after receipt by the viatical settlement broker.
Disclosure containing amount and method of calculating compensation
(d)(1) A viatical settlement broker shall provide to the viator a written disclosure of the amount and method of calculating the viatical settlement broker's compensation, including anything of value received by a viatical settlement broker for the placement of a policy.
(2) A viatical settlement broker shall provide the disclosure required under this subsection no later than 72 hours before the viatical settlement contract is signed by all parties to the contract.

Credits

Added by Acts 2006, c. 146, § 1, eff. July 1, 2006. Amended by Acts 2010, c. 72, § 1, eff. April 13, 2010.
MD Code, Insurance, § 8-605.1, MD INSURANCE § 8-605.1
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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