Ch. 275                                    2004 LAWS OF MARYLAND

(4)      FAIL TO ALLOW A VIATOR TO RESCIND A VIATICAL SETTLEMENT
CONTRACT UP TO AT LEAST 15 CALENDAR DAYS AFTER THE RECEIPT OF THE
VIATICAL SETTLEMENT PROCEEDS BY THE VIATOR; AND

(5)      FAIL TO DELIVER TO A VIATOR THE VIATICAL SETTLEMENT
PROCEEDS IN ACCORDANCE WITH THIS SUBTITLE.

(B)     IT IS A VIOLATION OF THIS SUBTITLE FOR A PERSON TO ENTER INTO A
VIATICAL SETTLEMENT CONTRACT WITHIN A 2-YEAR PERIOD COMMENCING WITH
THE DATE OF ISSUANCE OF THE INSURANCE POLICY TO BE ACQUIRED UNDER THE
VIATICAL SETTLEMENT CONTRACT UNLESS:

(1)      THE VIATOR CERTIFIES TO THE VIATICAL SETTLEMENT PROVIDER
THAT WITHIN THE 2-YEAR PERIOD:

(I)      THE POLICY WAS ISSUED ON THE VIATOR'S EXERCISE OF
CONVERSION RIGHTS ARISING OUT OF A GROUP OR INDIVIDUAL POLICY;

(II)     THE TOTAL TIME COVERED UNDER THE CONVERSION POLICY
AND THE PRIOR POLICY IS AT LEAST 24 MONTHS;

(III)   THE TIME COVERED UNDER THE GROUP POLICY IS
CALCULATED WITHOUT REGARD TO ANY CHANGE IN INSURANCE CARRIERS; AND

(IV)    THE COVERAGE UNDER THE GROUP POLICY HAS BEEN
CONTINUOUS AND UNDER THE SAME GROUP SPONSORSHIP; OR

(2)      THE VIATOR SUBMITS INDEPENDENT EVIDENCE TO THE VIATICAL
SETTLEMENT PROVIDER THAT WITHIN THE 2-YEAR PERIOD THE INSURED BECAME
TERMINALLY ILL OR CHRONICALLY ILL; OR

(3)      THE VIATOR SUBMITS INDEPENDENT EVIDENCE TO THE VIATICAL
SETTLEMENT PROVIDER THAT WITHIN THE 2-YEAR PERIOD THE VIATOR OR INSURED
DISPOSED OF OWNERSHIP INTERESTS IN A CLOSELY HELD CORPORATION.

(C)     ANY COPIES OF CERTIFICATION OR INDEPENDENT EVIDENCE REQUIRED
UNDER SUBSECTION (B) OF THIS SECTION SHALL BE:

(1)      SUBMITTED TO THE INSURER WHEN THE VIATICAL SETTLEMENT
PROVIDER SUBMITS A REQUEST TO THE INSURER FOR VERIFICATION OF COVERAGE;
AND

(2)     ACCOMPANIED BY A LETTER OF ATTESTATION FROM THE VIATICAL
SETTLEMENT PROVIDER THAT THE COPIES OF CERTIFICATION OR INDEPENDENT
EVIDENCE REQUIRED UNDER SUBSECTION (B) OF THIS SECTION ARE TRUE AND
CORRECT COPIES OF THE DOCUMENTS RECEIVED BY THE VIATICAL SETTLEMENT
PROVIDER

8-611.

(A) VIATICAL SETTLEMENT CONTRACTS AND APPLICATIONS FOR VIATICAL
SETTLEMENT CONTRACTS SHALL CONTAIN THE FOLLOWING STATEMENT OR A
SUBSTANTIALLY SIMILAR STATEMENT:

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