(1) Before a life settlement provider enters into a life settlement contract with a policyholder or certificate holder who has a terminal illness or condition, the life settlement provider shall first obtain both of the following:
(a) A written statement from an attending physician that the policyholder or certificate holder is of sound mind and under no constraint or undue influence.
(b) A witnessed document in which the policyholder or certificate holder consents to the life settlement contract, acknowledges the illness or condition is terminal, represents that the policyholder or certificate holder has a full and complete understanding of the life settlement contract, that the policyholder or certificate holder has a full and complete understanding of the benefits of the life insurance policy, releases the medical records of the policyholder or certificate holder relating to the terminal illness or condition and acknowledges that the policyholder or certificate holder has entered into the life settlement contract freely and voluntarily.
(2) A life settlement provider may enter a life settlement contract only after the individual whose life would be the subject of the life settlement contract is determined to have a terminal illness or condition, as follows:
(a) If the individual is the policyholder or certificate holder, an attending physician of the policyholder or certificate holder must make the determination.
(b) If the individual is a person other than the policyholder or certificate holder, an attending physician of the individual or of the policyholder or certificate holder must make the determination.
(3) For the purposes of this section, an attending physician is a medical doctor, doctor of osteopathy or naturopathic physician licensed in this state, who is primarily responsible for the treatment or a portion of treatment of the individual whose life would be the subject of the life settlement contract. [1995 c.342 §15]
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