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ROBERT L. EHRLICH, JR., Governor
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Ch. 146
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(ii) the name, address, and telephone number of the viatical
settlement provider;
(iii) [a disclosure by the viatical settlement broker of the amount
and method of calculating the viatical settlement broker's compensation, including
anything of value paid or given to a viatical settlement broker for the placement of a
policy;
(iv)] if the policy to be viaticated has been issued as a joint policy or
involves family riders or any coverage of a life other than the insured under the policy
to be viaticated, the viator shall be informed of the possible loss of coverage on the
other lives under the policy and shall be advised to consult with an insurance
producer or the insurer issuing the policy for advice on the proposed viatical
settlement;
[(v)] (IV) 1. the dollar amount of the current death benefit
payable to the viatical settlement provider under the policy; and
2. if known, the availability of any additional guaranteed
insurance benefits, the dollar amount of any accidental death and dismemberment
benefits under the policy, and the viatical settlement provider's interest in those
benefits; and
[(vi)] (V) 1. the name, business address, and telephone number
of the independent third party escrow agent; and
2. the fact that the viator or owner may inspect or receive
copies of the relevant escrow or trust agreements or documents.
8-610.1.
(A) AN INSURER SHALL RESPOND TO A REQUEST FOR VERIFICATION OF
COVERAGE SUBMITTED BY A VIATICAL SETTLEMENT PROVIDER OR A VIATICAL
SETTLEMENT BROKER UNDER THIS SUBTITLE, INCLUDING VERIFICATION OF
WHETHER THE INSURER INTENDS, AT THE TIME OF THE REQUEST, TO PURSUE AN
INVESTIGATION REGARDING POSSIBLE FRAUD AFFECTING THE VALIDITY OF A
POLICY, WITHIN 30 DAYS AFTER THE REQUEST IS RECEIVED, IF THE FOLLOWING
DOCUMENTS ARE SUBMITTED WITH THE REQUEST:
(1) AN AUTHORIZATION SIGNED BY THE VIATOR; AND
(2) A "VERIFICATION OF COVERAGE FOR LIFE INSURANCE POLICIES"
FORM ADOPTED BY THE COMMISSIONER UNDER SUBSECTION (D) OF THIS SECTION
THAT HAS BEEN COMPLETED BY THE VIATICAL SETTLEMENT PROVIDER OR
VIATICAL SETTLEMENT BROKER
(B) AN INSURER MAY NOT CHARGE A FEE FOR RESPONDING TO A REQUEST
FOR VERIFICATION OF COVERAGE SUBMITTED BY A VIATICAL SETTLEMENT
PROVIDER OR A VIATICAL SETTLEMENT BROKER THAT EXCEEDS THE LESSER OF:
(1) $50; OR
- 815 -
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