Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 931 - VIATICAL AND LIFE SETTLEMENTS
Section 031-931-10 - Information Sharing

Universal Citation: 02 ME Code Rules ยง 031-931-10

Current through 2024-13, March 27, 2024

A. In accordance with 24-A M.R.S.A. §6809(1)(C), for any policy issued less than 2years from the date of application for a settlement contract, a settlement provider must obtain the insured's written consent to the release of the insured's medical records to the insurer that issued the policy covering the life of the insured.

B. Within three days of receipt of a signed application for a settlement, the settlement provider shall deliver to the life insurance company issuing the policy to be viaticated a copy of each of the following documents:

(1) The application for the settlement;

(2) The settlement contract being proposed;

(3) The witnessed document required under 24-A M.R.S.A. §6809(1)(B);

(4) The written statement required under 24-A M.R.S.A. §6809(1)(A) in which a licensed attending physician indicates that the viator or seller is of sound mind and under no constraint or undue influence; and,

(5) The release of information form signed by the insured for the settlement provider required under Subsection A of this section.

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