NU Online News Service, Nov. 20, 2003, 3:35 p.m. — Washington
The life insurance industry has reached a tentative agreement with the Senate Finance Committee on corporate-owned life insurance.
“We think this is a good compromise,” says Bob Plybon, president of the Association for Advanced Life Underwriting, Falls Church, Va.
The new language is based on an earlier proposal developed by Sen. Kent Conrad, D-N.D., which the industry supported, Plybon says.
Plybon says he believes the entire industry, including AALU, the National Association of Insurance and Financial Advisors and the American Council of Life Insurers, will support the compromise and hopes it will be accepted by a majority of the Senate Finance Committee.
Jack Dolan, a spokesman for the ACLI, says the industry is united on COLI.
“We are working hand-in-hand to get the Senate Finance Committee to mark up reform legislation,” Dolan says, adding that there are indications it could happen before the session ends.