Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 931 - VIATICAL AND LIFE SETTLEMENTS
Section 031-931-8 - Prohibited Practices
Current through 2024-13, March 27, 2024
A. A settlement provider or settlement producer may not purchase annuity contracts, variable life contracts or contracts granting endowment benefits.
B. A settlement provider or settlement producer may not provide patient identifying information to any person except as permitted by 24-A M.R.S.A. §6806(2).
C. A settlement provider or settlement producer may not discriminate in the making of settlement contracts on the basis of race, age, sex, national origin, creed, religion, occupation, marital or family status or sexual orientation, or discriminate between viators with or without dependents.
D. A settlement provider or settlement producer may not pay or offer to pay any finder's fee, commission or other compensation to any insured's health care provider, attorney, accountant or other person providing medical, legal or financial planning services to or on behalf of the viator, or to any other person acting as an agent of the viator with respect to the settlement contract, other than compensation from the settlement provider to the settlement producer acting in accordance with Viatical and Life Settlements Act and this rule.
E. A settlement provider may not collect a fee for acting as a producer in a settlement transaction or settlement loan agreement.
F. A settlement provider or settlement producer may not solicit investors who could influence the treatment of the illness of the insured whose coverage would be the subject of the investment.
G. A settlement provider may not use a longer life expectancy than is realistic in order to reduce the minimum payout to which the viator is entitled.
H. A settlement provider or settlement producer may not solicit, offer, or negotiate with any person for the purpose of purchasing a life insurance policy from an insurer if that policy is to be used solely and specifically as part of a settlement transaction.
I. A settlement provider or settlement producer may not provide false or misleading information to an insurer regarding a life insurance policy which is the subject of a settlement transaction.
