Maryland Code, INSURANCE 8-605.1
Terms Used In Maryland Code, INSURANCE 8-605.1
- Contract: A legal written agreement that becomes binding when signed.
- including: means includes or including by way of illustration and not by way of limitation. See
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Statute: A law passed by a legislature.
(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
(2) a person in which any interest is owned or controlled by the viatical settlement broker.
(c) A viatical settlement broker shall submit to the viator all offers, counteroffers, acceptances, and rejections relating to the placement of the viator’s policy within 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.