The superintendent may adopt rules implementing this chapter. These rules are routine technical rules under Title 5, chapter 375, subchapter 2?A. Rules may be adopted to: [PL 2003, c. 636, §13 (AMD).]
1. Standards for evaluating reasonableness of payments. Establish standards for evaluating the reasonableness of payments to viators under a 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;

[PL 2003, c. 636, §13 (NEW).]

Terms Used In Maine Revised Statutes Title 24-A Sec. 6810

  • Bequest: Property gifted by will.
  • Chronically ill: means :
A. See Maine Revised Statutes Title 24-A Sec. 6802-A
  • Contract: A legal written agreement that becomes binding when signed.
  • Devise: To gift property by will.
  • Policy: means an individual or group policy, group certificate, contract or arrangement of life insurance affecting the rights of a resident of this State or bearing a reasonable relation to this State, regardless of whether delivered or issued for delivery in this State. See Maine Revised Statutes Title 24-A Sec. 6802-A
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Settlement contract: includes the transfer for compensation or value of ownership or beneficial interest in a trust or other entity that owns such policy if the trust or other entity was formed or availed of for the principal purpose of acquiring one or more life insurance contracts, which life insurance contract insures the life of a person residing in this State. See Maine Revised Statutes Title 24-A Sec. 6802-A
  • Terminally ill: means having an illness or sickness that can reasonably be expected to result in death within 24 months or less. See Maine Revised Statutes Title 24-A Sec. 6802-A
  • 2. Licensing requirements and standards. Establish appropriate licensing requirements and standards for continued licensure for settlement providers;

    [PL 2003, c. 636, §13 (NEW).]

    3. Mechanism for financial accountability. Require a bond or other mechanism for financial accountability for settlement providers;

    [PL 2003, c. 636, §13 (NEW).]

    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

    [PL 2003, c. 636, §13 (NEW).]

    5. Implement other requirements. Implement any other requirements of this chapter.

    [PL 2003, c. 636, §13 (NEW).]

    SECTION HISTORY

    PL 1997, c. 430, §1 (NEW). PL 1997, c. 430, §2 (AFF). PL 2003, c. 636, §13 (AMD).