LD 1907
pg. 24
Page 23 of 38 PUBLIC Law Chapter 636 Page 25 of 38
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LR 2724
Item 1

 
A.__The affiliation, if any, between the settlement provider
and the issuer of the insurance policy to be acquired
pursuant to a settlement contract;

 
B.__The name, address and telephone number of the settlement
provider;

 
C.__If an insurance policy to be purchased has been issued
as a joint policy or involves family riders or any coverage
of a life other than the insured's under the policy to be
purchased, information regarding the possible loss of
coverage on the other lives under the policy and advice to
consult with the viator's insurance producer or the insurer
issuing the policy for advice on the proposed settlement;

 
D.__The dollar amount of the current death benefit payable
to the settlement provider under the policy or certificate.
If known, the settlement provider shall also disclose the
availability of any additional guaranteed insurance
benefits, the dollar amount of any accidental death and
dismemberment benefits under the policy or certificate and
the settlement provider's interest in those benefits; and

 
E.__The name, business address and telephone number of the
independent 3rd-party escrow agent and the fact that the
viator may inspect or receive copies of the relevant escrow
or trust agreements or documents.

 
3.__Notice of change in ownership or beneficiary. If the
settlement provider transfers ownership or changes the
beneficiary of the insurance policy, the settlement provider
shall communicate the change in ownership or beneficiary to the
insured within 20 days after the change.

 
Sec. 12. 24-A MRSA §6809, as amended by PL 2003, c. 320, §1, is
further amended to read:

 
§6809. General provisions for settlement contracts

 
1. Prior conditions. A viatical settlement provider entering
into a viatical 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
into a settlement contract;

 
B. A Prior to or at the time of execution of the
settlement contract, a witnessed document in which the


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