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June 01, 2005 at 08:00 PM
A major producer group reiterated its opposition to limited term insurance licenses, calling on state insurance regulators to adopt a resolution rejecting them.
The National Association of Insurance and Financial Advisors, Falls Church, Va., has called for the National Association of Insurance Commissioners to advance the resolution currently under review. A hearing is scheduled on June 11 during the summer NAIC meeting in Boston.
The issue also is expected to be reviewed by the National Conference of Insurance Legislators, Troy, N.Y., when it meets in July.
In a June 3 letter, NAIFA states that the NAIC resolution is “an appropriate condemnation of proposals that would create a new license to sell only term life insurance.”
NAIFA says it opposes term life licenses because they will:
