The National Conference of Insurance Legislators may develop an entirely new model law for the secondary life insurance policy market.
State lawmakers who belong to the Life Insurance and Financial Planning Committee at NCOIL, Troy, N.Y., decided last week at the group’s summer meeting in Boston to replace a routine review of the current NCOIL Life Settlements Model Act with a more extensive review, NCOIL officials say.
NCOIL now plans to hold a special session in November, at NCOIL’s annual meeting in Napa Valley, Calif., to discuss the effects of investor-owned life insurance programs on the life settlements market.