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December 17, 2003 at 07:00 PM
NU Online News Service, Dec. 17, 2003, 4:57 p.m. EST – The Viatical Settlements working group has sent a viatical settlements model to the Life & Annuities “A” Committee at the National Association of Insurance Commissioners, Kansas City, Mo., but the committee has put off voting on the model.[@@]
The model regulation is a tool states can use to implement principles included in a viatical settlement model act that the NAIC adopted in March 2001.
Regulators and insurers have worked on the viatical settlements model for 3 years, but they still face questions about licensing of life settlement brokers.
The model distinguishes between producers who sell life insurance and those who sell life settlements. A section of the model draws a line between the viatical components and the life insurance components of licensing examinations.
Other issues also need further review, according to Utah Insurance Commissioner Merwin Stewart.
Stewart said that he expects the NAIC to vote the model up or down during the spring NAIC meeting in March 2004, but that he does not want the “A” committee to “rubber stamp” the model.
