Sec. 12. 24-A MRSA §6809, as amended by PL 2003, c. 320, §1, is further amended to read:

§6809. General provisions for settlement contracts

1. Prior conditions. A viatical settlement provider entering into a viatical settlement contract with a viator shall first obtain:

A. If the viator is the insured, a written statement from a licensed attending physician that the viator is of sound mind and under no constraint or undue influence to enter into a settlement contract;

B. A Prior to or at the time of execution of the settlement contract, a witnessed document in which the viator consents to the viatical settlement contract, acknowledges that the insured has a catastrophic or life- threatening illness, represents that the insured viator has a full and complete understanding of the viatical settlement contract and that the insured viator has a full and complete understanding of the benefits of the life insurance policy and, acknowledges that the insured viator has entered into the viatical settlement contract freely and voluntarily and, for persons who are terminally ill or chronically ill, acknowledges that the insured is terminally ill or chronically ill and that the terminal or chronic illness was diagnosed after the life insurance policy was issued; and

C. Notwithstanding section 2159, subsection 3 or any other provisions of state law, a witnessed document in which the insured consents to the release of the insured's medical records to a settlement provider and, if the life insurance policy was issued less than 2 years from the date of application for a settlement contract to the insurance company that issued the life insurance policy covering the life of the insured.

The insurer shall respond to a request for verification of coverage submitted by a settlement provider not later than 30 calendar days of the date the request is received. The request for verification of coverage must be made on a form approved by the superintendent. In its response, the insurer shall indicate