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determining the health status of the insured after the viatical | | settlement has occurred are limited to once every 3 months for | | insureds with an estimated life expectancy of more than one year | | and once per month for insureds with a life expectancy of one year | or less. The viaticalor viatical settlement | broker | contacts prior to the time the insured enters intoviatical | | settlement contract is entered into. The limitation in this rule | | on contacts does not apply to contacts made for reasons other than | | determining the insured's health status or necessary to maintain | | the policy in force. Settlement providers are responsible for the | | actions of their authorized representatives. |
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| | | Sec. 13. 24-A MRSA §§6810 to 6812, as enacted by PL 1997, c. 430, §1 | | and affected by §2, are amended to read: |
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| | | The superintendent may adopt rules implementing this chapter, | including establishing standards for reasonableness of payments | to viators under a viatical settlement contact | | routine technical rules under Title 5, chapter 375, subchapter | II-A |
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| | | 1.__Standards for evaluating reasonableness of payments. | | Establish standards for evaluating the reasonableness of payments | | to viators under a viatical settlement contract only when the | | insured in the policy that is the subject of a settlement | | contract is terminally ill or chronically ill.__This authority | | includes, but is not limited to, regulation of discount rates | | used to determine the amount paid in exchange for assignment, | | transfer, sale, devise or bequest of a benefit under a life | | insurance policy; |
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| | | 2.__Licensing requirements and standards.__Establish | | appropriate licensing requirements and standards for continued | | licensure for settlement providers; |
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| | | 3.__Mechanism for financial accountability.__Require a bond or | | other mechanism for financial accountability for settlement | | providers; |
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| | | 4.__Govern relationship and responsibilities.__Govern the | | relationship and responsibilities of both insurers and settlement | | providers and settlement producers and others in the business of | | settlement during the period of consideration or effectuation of | | a settlement contract; and |
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| | | 5.__Implement other requirements.__Implement any other | | requirements of this chapter. |
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