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ROBERT L. EHRLICH, JR., Governor Ch. 146
(2003 Replacement Volume and 2005 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Insurance
8-604.1.
(A) THE COMMISSIONER SHALL DEVELOP A COURSE OF CONTINUING
EDUCATION IN VIATICALS.
(B) CREDITS RECEIVED BY A VIATICAL SETTLEMENT BROKER IN THE COURSE
MAY BE USED TO SATISFY THE VIATICAL SETTLEMENT BROKER'S CONTINUING
EDUCATION REQUIREMENTS UNDER § 10-116 OF THIS ARTICLE.
8-605.1.
(A) BEFORE PERFORMING SERVICES TO PLACE A POLICY FOR A VIATOR 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
(1) A DESCRIPTION OF THE SERVICES TO BE PROVIDED BY THE
VIATICAL SETTLEMENT BROKER;
(2) A DESCRIPTION OF ALL FEES, COMMISSIONS, OR OTHER
COMPENSATION TO BE PAID BY THE VIATOR TO THE VIATICAL SETTLEMENT BROKER
FOR THE SERVICES TO BE PROVIDED; AND
(3) THE DURATION OF THE VIATICAL SETTLEMENT BROKERAGE
RELATIONSHIP.
(B) BEFORE ENTERING INTO A VIATICAL SETTLEMENT BROKERAGE
RELATIONSHIP WITH A VIATOR FOR THE PLACEMENT OF A POLICY, A VIATICAL
SETTLEMENT BROKER, AFTER OBTAINING WRITTEN CONSENT OF THE VIATOR FOR
THE RELEASE OF CONFIDENTIAL INSURANCE AND MEDICAL INFORMATION TO THE
VIATICAL SETTLEMENT BROKER, SHALL MAKE A REASONABLE ATTEMPT TO VERIFY,
THROUGH THE CONFIDENTIAL INSURANCE AND MEDICAL INFORMATION RELEASED
TO THE VIATICAL SETTLEMENT BROKER, THE ACCURACY AND COMPLETENESS OF
ANY REPRESENTATIONS MADE BY THE VIATOR REGARDING THE POLICY AND THE
VIATOR'S HEALTH.
(C) (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
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