American Council of Life Insurers staffers are getting ready to talk about viatical settlements, travel insurance, hybrid securities and market conduct at the fall meeting of the National Association of Insurance Commissioners.
The NAIC, Kansas City, Mo., plans to start the 4-day meeting Sept. 9 in St. Louis.
The ACLI, Washington, is particularly interested in discussions about the definition of “viatical settlement” included in the Viatical Settlement Model Act, and in discussions about Section 10 of the model, which addresses prohibited practices, according to Michael Lovendusky, ACLI associate general counsel.
The ACLI would like to see the NAIC adopt a broader definition of viatical settlement, and it would like to see the revised model require consumers to hold life policies for 2 years before selling the policies, Lovendusky says.
North Dakota Commissioner Jim Poolman has talked about the possibility that the revised model might require consumers to hold life policies for at least 5 years before selling.
The ACLI is waiting to see whether the wording of that provision will be available at the fall meeting, Lovendusky says.