(a) Notwithstanding the manner in which the viatical settlement broker is compensated, a viatical settlement broker is deemed to represent only the viator and owes a fiduciary duty to the viator to act according to the viator’s instructions and in the best interest of the viator.
(b) For purposes of this subtitle, a viator may not be limited to an owner or certificate holder of a policy that insures the life of an individual who is terminally ill or chronically ill.
Structure Maryland Statutes
Title 8 - Entities That Act as Insurers
Subtitle 6 - Viatical Settlement Providers and Viatical Settlement Brokers
Section 8-603 - Registration of Providers
Section 8-604 - Application; Fee
Section 8-605 - Representation of Viator; Viator Status Not Limited to Owner or Holder of Policy
Section 8-605.1 - Duties of Viatical Settlement Brokers
Section 8-607 - Expiration of Registration
Section 8-608 - Registration -- Denial, Nonrenewal, Suspension, Revocation
Section 8-609 - Penalties; Restitution
Section 8-610.1 - Verification of Coverage for Life Insurance Policies
Section 8-611 - Statement Required in Contracts and Applications