24-A §6801. Short title
§6801. Short title This chapter may be known and cited as the “Viatical and Life Settlements Act.” [PL 2003, c. 636, §3 (AMD).] SECTION HISTORY PL 1997, c. 430, §1 (NEW). PL 1997, c. 430, §2 (AFF). PL 2003, c. 636, §3 (AMD).
24-A §6802-A. Definitions
§6802-A. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2003, c. 636, §5 (NEW).] 1. Advertising. “Advertising” means any written, electronic or printed communication or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet or a similar […]
24-A §6802. Definitions (REPEALED)
§6802. Definitions (REPEALED) SECTION HISTORY PL 1997, c. 430, §1 (NEW). PL 1997, c. 430, §2 (AFF). PL 2003, c. 636, §4 (RP).
24-A §6803-A. Fiduciary obligation of settlement producer
§6803-A. Fiduciary obligation of settlement producer Irrespective of the manner in which the settlement producer is compensated, a settlement producer may represent only the interests of the viator and owes a fiduciary duty to the viator. [PL 2009, c. 376, §6 (NEW).] SECTION HISTORY PL 2009, c. 376, §6 (NEW).
24-A §6803. Settlement provider and producer license; license requirements
§6803. Settlement provider and producer license; license requirements 1. License required. Licenses are required in accordance with this subsection. A. A person may not act as a settlement provider without a license from the superintendent issued pursuant to this section and subject to the provisions of this chapter. [PL 2003, c. 636, §6 […]
24-A §6804. License revocation and administrative assessments
§6804. License revocation and administrative assessments 1. Superintendent’s authority. [PL 2003, c. 636, §7 (RP).] 1-A. Superintendent’s authority. The superintendent may deny, suspend, revoke or refuse to renew the license of a settlement provider if the superintendent finds just cause to do so, which may include, but is not limited to, a finding that: […]
24-A §6805. Approval of settlements contracts; disclosure statements and applications
§6805. Approval of settlements contracts; disclosure statements and applications A settlement contract must be in writing and signed by all parties to the contract. A person may not use any contract, disclosure statement or application form with a viator who is a resident of this State unless it has been filed with and approved by […]
24-A §6806. Reporting requirements; confidentiality of information
§6806. Reporting requirements; confidentiality of information 1. Annual report. A settlement provider licensee shall file with the superintendent by March 1st of each year an annual statement containing such information as the superintendent prescribes by rule, including information related to settlement transactions on policies settled within 5 years of policy issuance. The superintendent may not […]
24-A §6807. Examinations and investigations
§6807. Examinations and investigations 1. Complaint. [PL 2003, c. 636, §10 (RP).] 1-A. Examinations. The superintendent may conduct examinations in accordance with this subsection. A. The superintendent may conduct an examination under this chapter of a licensee as often as the superintendent in the superintendent’s sole discretion considers appropriate. [PL 2003, c. 636, […]
24-A §6808-A. Contact with insured; additional disclosures
§6808-A. Contact with insured; additional disclosures 1. Contact with insured. The insured may be contacted by either the settlement provider or its authorized representative for the purpose of determining the insured’s health status. This contact is limited to once every 3 months if the insured has a life expectancy of more than one year and […]
24-A §6808. Disclosure
§6808. Disclosure With each application for a settlement, a settlement provider shall disclose in writing at least the following disclosures to a viator. Disclosure to a viator must include distribution of a brochure, approved by the superintendent, describing the process of settlements. The disclosures must be provided to the viator no later than the time […]
24-A §6809. General provisions for settlement contracts
§6809. General provisions for settlement contracts 1. Prior conditions. A settlement provider entering into a settlement contract with a viator shall first obtain: A. If the viator is the insured, a written statement from a licensed attending physician that the viator is of sound mind and under no constraint or undue influence to enter […]
24-A §6810. Rules
§6810. Rules The superintendent may adopt rules implementing this chapter. These rules are routine technical rules under Title 5, chapter 375, subchapter 2‑A. Rules may be adopted to: [PL 2003, c. 636, §13 (AMD).] 1. Standards for evaluating reasonableness of payments. Establish standards for evaluating the reasonableness of payments to viators under a settlement […]
24-A §6811. Prohibited practices and provisions under policies
§6811. Prohibited practices and provisions under policies 1. Assignment. The following provisions govern assignment. A. A policy of individual or group life insurance that permits assignment issued or delivered in this State may not, in any way, restrict a person from making an absolute assignment of rights for consideration. Prohibited restrictions include, but are […]
24-A §6812-A. Inquiries and optional disclosures by life insurers
§6812-A. Inquiries and optional disclosures by life insurers 1. Permitted inquiries regarding premium financing. In addition to any other information a life insurer may lawfully request in an application for insurance, the insurer may ask whether the proposed owner intends to pay premiums with the assistance of financing from a lender that will use the […]
24-A §6812. Insurance company practices
§6812. Insurance company practices 1. Duty to provide information. In addition to the provisions in section 6809, an insurance company that is licensed to do business in this State shall promptly respond to reasonable requests for policy information from a settlement provider or settlement producer upon the receipt of the following documents in the office […]
24-A §6813. Financing (REPEALED)
§6813. Financing (REPEALED) SECTION HISTORY PL 1997, c. 430, §1 (NEW). PL 1997, c. 430, §2 (AFF). PL 2003, c. 636, §14 (RP).
24-A §6814. Unfair trade practices
§6814. Unfair trade practices A violation of this chapter is an unfair trade practice under Title 5, chapter 10 and subject to the penalties contained in that chapter. [PL 1997, c. 430, §1 (NEW); PL 1997, c. 430, §2 (AFF).] SECTION HISTORY PL 1997, c. 430, §1 (NEW). PL 1997, c. 430, §2 (AFF).
24-A §6815-A. Regulatory requirements under Maine Uniform Securities Act
§6815-A. Regulatory requirements under Maine Uniform Securities Act This chapter does not preempt the regulatory requirements set forth in the Maine Uniform Securities Act, as amended, including but not limited to the regulation of securities transactions in settlement contracts or viatical settlement contracts and the licensing of any person or entity engaged in the sale […]
24-A §6815. Assignment or resale of policies
§6815. Assignment or resale of policies 1. Prohibited transfers. A settlement provider may not sell, assign, transfer or pledge a policy acquired pursuant to a settlement contract except to a licensed settlement provider or a person exempt from licensing under section 6803. [PL 2003, c. 636, §15 (AMD).] 2. Securities registration. Any sale by […]