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Ch. 146 2006 LAWS OF MARYLAND
CHAPTER 146
(Senate Bill 689)
AN ACT concerning
Insurance - Viatical Settlements
FOR the purpose of requiring the Maryland Insurance Commissioner to develop a
course of continuing education in viaticals; providing that credits received by a
viatical settlement broker in the course may be used to satisfy certain
continuing education requirements; requiring a viatical settlement broker to
provide a written disclosure to a viator before performing certain services for a
viator at the time of each application for a viatical settlement; specifying certain
contents of the written disclosure; requiring a viatical settlement broker, before
entering into a viatical settlement brokerage relationship with a viator, to make
a reasonable attempt to verify the accuracy and completeness of certain
representations made by the viator under certain circumstances; prohibiting a
viatical settlement broker from paying certain fees, commissions, or other
compensation to another viaticals settlement broker under certain
circumstances; prohibiting a viatical settlement broker from purchasing,
directly or indirectly, a policy that is the subject of a viatical settlement
brokerage relationship contract between the viatical settlement broker and a
viator; requiring a viatical settlement broker to submit certain offers,
counter-offers, acceptances, and rejections to a viator within a certain time
period; prohibiting a viatical settlement broker from soliciting other offers for a
viator's policy after a certain contract is signed; altering a certain disclosure
requirement relating to a viatical settlement broker's compensation; requiring a
certain brochure to include a description of a certain fiduciary duty; requiring
an insurer to respond to a certain request for verification of coverage within a
certain time period under certain circumstances; establishing a certain limit on
the fee an insurer may charge to respond to the request; authorizing an insurer
to send an acknowledgment of receipt of the request to certain persons;
requiring the Commissioner to adopt a certain form by regulation; providing
that nothing in this Act shall affect the jurisdiction of the Securities
Commissioner of the Office of the Attorney General; and generally relating to
viatical settlements and viatical settlement brokers.
BY adding to
Article - Insurance
Section 8-604.1, 8-605.1, and 8-610.1
Annotated Code of Maryland
(2003 Replacement Volume and 2005 Supplement)
BY repealing and reenacting, with amendments,
Article - Insurance
Section 8-606(c) and (f)(3)
Annotated Code of Maryland
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