Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 931 - VIATICAL AND LIFE SETTLEMENTS
Section 031-931-6 - Reporting Requirements

Universal Citation: 02 ME Code Rules ยง 031-931-6

Current through 2024-38, September 18, 2024

On or before March 1 of each year, in accordance with 24-A M.R.S.A. §6806, each settlement provider licensed in this State shall make a report to the Superintendent. This report must be certified by an officer of the settlement provider, and must provide the following information:

A. For each settlement contract entered into in the preceding calendar year:

(1) Date the settlement contract was entered into;

(2) Life expectancy of the insured as of the date of the settlement contract;

(3) Face amount of the policy;

(4) Amount of compensation or anything of value paid to the viator by the settlement provider pursuant to the settlement contract;

(5) Name of the settlement producer involved; and

B. For each settlement contract entered into in this state at any time where the insured whose life was the subject of the policy that was viaticated has died in the preceding calendar year:

(1) Date of death of the insured;

(2) Amount of time that passed after the date of the settlement contract;

(3) Total insurance premiums paid by the settlement provider to maintain the policy in force pursuant to the settlement contract; and

C. A report of each application received, identified as a viatical settlement categorized by disease or as a life settlement, and whether it was accepted or rejected by the settlement provider or withdrawn by or on behalf of the insured;

D. An aggregate report of policies purchased by issuer and policy type;

E. The aggregate number and face amount of viaticated policies;

F. A report of funding sources for each policy; and

G. An annual audited financial report consistent with 24-A M.R.S.A. §221-A(4).

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