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2006 LAWS OF MARYLAND
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Ch. 146
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(2) A PERSON IN WHICH ANY INTEREST IS OWNED OR CONTROLLED BY
THE VIATICAL SETTLEMENT BROKER
(1) PAY A FEE, COMMISSION, OR OTHER COMPENSATION TO ANOTHER
VIATICAL SETTLEMENT BROKER WITHOUT DISCLOSING THE FEE, COMMISSION, OR
OTHER COMPENSATION TO THE VIATOR AND OBTAINING THE VIATOR'S PRIOR
WRITTEN CONSENT TO THE PAYMENT; OR
(2) PURCHASE, DIRECTLY OR INDIRECTLY, A POLICY THAT IS THE
SUBJECT OF A VIATICAL SETTLEMENT BROKERAGE RELATIONSHIP BETWEEN THE
VIATICAL SETTLEMENT BROKER AND A VIATOR.
(D) (C) (1) A VIATICAL SETTLEMENT BROKER SHALL SUBMIT TO THE
VIATOR ALL WRITTEN OFFERS, COUNTER-OFFERS, ACCEPTANCES, AND REJECTIONS
RELATING TO THE PLACEMENT OF THE VIATOR'S POLICY WITHIN 48 72 HOURS AFTER
RECEIPT BY THE VIATICAL SETTLEMENT BROKER
(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.
(2) AFTER A VIATICAL SETTLEMENT CONTRACT IS SIGNED BY A VIATOR
AND A VIATICAL SETTLEMENT PROVIDER, A VIATICAL SETTLEMENT BROKER MAY
NOT SOLICIT OTHER OFFERS FOR THE VIATOR'S POLICY.
8-606.
(c) (1) Disclosure to a viator also shall include distribution of a brochure
that describes the process of viatical settlements AND CONTAINS A DESCRIPTION OF
THE STATUTORY FIDUCIARY DUTY OF A VIATICAL SETTLEMENT BROKER TO A
VIATOR.
(2) The National Association of Insurance Commissioners form for the
brochure shall be used unless a brochure is:
(i) developed by the Commissioner; or
(ii) developed by a viatical settlement broker or viatical settlement
provider and approved by the Commissioner.
(f) (3) The disclosures required under this subsection shall provide the
following information:
(i) a statement of the affiliation, if any, between the viatical
settlement broker, viatical settlement provider, and the insurer that issued the policy
to be viaticated;
- 814 -
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