LD 1907
pg. 14
Page 13 of 38 An Act To Govern and Regulate Life Settlements Page 15 of 38
Download Bill Text
LR 2724
Item 1

 
D.__Is a term or condition to the transfer of a policy by one
settlement provider to another settlement provider;

 
E.__Is necessary to allow the settlement provider or
insurance producer or an authorized representative to make
contacts for the purpose of determining health status; or

 
F.__Is required to purchase stop-loss coverage.

 
3. Sale or transfer. A viatical settlement provider may not
sell or transfer a viaticated policy to a financing entity other
than an institutional investor or a licensed viatical settlement
provider.

 
Sec. 10. 24-A MRSA §§6807 and 6808, as enacted by PL 1997, c. 430, §1
and affected by §2, are amended to read:

 
§6807. Examinations and investigations

 
1. Complaint. In response to a complaint concerning a
licensee or in connection with an application for a license, the
superintendent may examine the business and affairs of any
licensee or applicant for a license. Subject to the provisions
of section 6806, the superintendent may order a licensee or
applicant to produce records, books, files or other information
reasonably necessary to ascertain whether the licensee or
applicant is acting or has acted in violation of this chapter or
rules adopted under this chapter. The expenses incurred in
conducting an examination must be paid by the licensee or
applicant.

 
1-A.__Examinations.__The superintendent may conduct
examinations in accordance with this subsection.

 
A.__The superintendent may conduct an examination under this
chapter of a licensee as often as the superintendent in the
superintendent's sole discretion considers appropriate.

 
B.__For purposes of completing an examination of a licensee
under this chapter, subject to the provisions of section
6806, the superintendent may examine or investigate any
person, or the business of any person, insofar as the
examination or investigation is, in the sole discretion of
the superintendent, considered necessary or material to the
examination of the licensee.

 
C.__In lieu of an examination under this chapter of any foreign
or alien licensee licensed in this State, the superintendent may,
at the superintendent's discretion,


Page 13 of 38 Top of Page Page 15 of 38