13.__Terminally ill.__"Terminally ill" means having an illness or sickness that can reasonably be expected to result in death within 24 months or less.

14. Viator.__"Viator" means a person who assigns, transfers, sells, devises or bequeaths or seeks to assign, transfer, sell, devise or bequeath a death benefit or ownership of a life insurance policy or certificate under a settlement contract. "Viator" does not include:

A.__A settlement provider licensed under this chapter;

B.__An accredited investor or qualified institutional buyer as defined respectively in Regulation D, Rule 501 and Rule 144A of the Federal Securities Act of 1933, as amended;

C.__A financing entity;

D.__A special purpose entity; or

E.__A related provider trust.

Sec. 6. 24-A MRSA §6803, as amended by PL 1997, c. 592, §§76 to 80, is further amended to read:

§6803. Settlement provider and producer license; license

requirements

1. License required. Licenses are required in accordance with this subsection.

A. A person may not act as a viatical settlement provider without a license from the superintendent issued pursuant to this section and subject to the provisions of this chapter.

B. A person may not perform the functions of, or otherwise act as, a viatical settlement producer without a license from the superintendent as a life and health insurance producer.

C. A person may not act as an independent viatical producer without a license from the superintendent as a life and health insurance producer with independent authority.

C-1.__If there is more than one viator on a single policy and the viators are residents of different states, the settlement contract is governed by the law of the state in