3. Right to assign rights or benefits. Subsection 1 or 2 does not prohibit a viator under a group life insurance policy from assigning rights or benefits under the policy to a licensed viatical settlement provider or converting the coverage to an individual life insurance policy.

4. Assignment restrictions prohibited. A policy of group life insurance issued or in existence in this State that permits any assignment of a viator's rights may not restrict the viator from making assignments other than by gift.

5. Purchase of securities. This chapter does not require notice to the superintendent of, or restrict an insurance company from investing in, or participating in, or purchasing any securities issued in any transaction including without limitation any financing, securitization transaction or securities offering in which the licensed viatical settlement provider sells, assigns, transfers, pledges, hypothecates or otherwise disposes of viatical settlement contracts, viaticated policies acquired pursuant to settlement contracts or any interest therein.

Sec. 14. 24-A MRSA §6813, as enacted by PL 1997, c. 430, §1 and affected by §2, is repealed.

Sec. 15. 24-A MRSA §6815, as enacted by PL 1997, c. 430, §1 and affected by §2, is amended to read:

§6815. Assignment or resale of policies

1. Prohibited transfers. A viatical settlement provider may not sell, assign, transfer or pledge a viaticated policy acquired pursuant to a settlement contract except to a licensed viatical settlement provider or a person exempt from licensing under section 6803 or 6813.

2. Securities registration. Any sale by a viatical settlement provider of viatical settlement contracts, viaticated policies acquired pursuant to settlement contracts or interests in a viatical settlement contract or viaticated policy therein that constitute a "security" within the meaning of the United States Securities Act of 1933, as amended, or the Revised Maine Securities Act, as amended, must be registered under those statutes unless there is an available exemption from registration under those statutes.