Maine Revised Statutes Title 24-A Sec. 6803-A – Fiduciary obligation of settlement producer
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Terms Used In Maine Revised Statutes Title 24-A Sec. 6803-A
- Fiduciary: A trustee, executor, or administrator.
- 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.
- Settlement producer: means any person who has life insurance producer authority, who acts or aids in any manner in the soliciting of a settlement on behalf of a viator and for a fee, commission or other valuable consideration offers or attempts to negotiate settlement contracts between a viator and one or more settlement providers. See Maine Revised Statutes Title 24-A Sec. 6802-A
- Viator: means a person who assigns, transfers, sells, devises or bequeaths or seeks to assign, transfer, sell, devise or bequeath a death benefit or ownership of a life insurance policy or certificate under a settlement contract. See Maine Revised Statutes Title 24-A Sec. 6802-A
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).