Maryland Life Settlement
While the idea of a secondary market option is the same as many states, Maryland life settlement regulations currently hold the standard for those who are still forming and passing bills dealing with the topic of life settlements and insurance transfer. As of 2004, Maryland legislation enacted a few laws stating the rights the policy holder possesses in terms of a fair market cash surrender value for their unwanted and unneeded, unwanted or unaffordable life insurance policies.
The most recent Maryland life settlement laws state that a life settlement broker or agent needs to have proper licensing to deal with insurance in Maryland and must be registered as a viatical broker with the Maryland Insurance Commission. Maryland life settlement regulations also declare that legally qualified Maryland residents will now be informed to the fullest extent about the details involved before and throughout the life settlement process.
Maryland is one of the trailblazing states in this country that has adopted legislation supporting consumers in settlements. By setting guidelines for the licensing of agents assisting in the Maryland life settlement transaction, privacy and safety of the policy holder are ensured. Maryland is consistently among one the first states in life settlement law making and policy writing.