The National Conference of Insurance Legislators will hold a conference call today to discuss “investor-owned life insurance” and other life settlement topics.
A subcommittee at NCOIL, Troy, N.Y., is deciding whether NCOIL should revise or replace its current life settlement model, which is separate from the life settlement model adopted by the National Association of Insurance Commissioners, Kansas City, Mo., according to NCOIL Executive Director Susan Nolan.
NCOIL has been seeking comments about:
- The definitions of “fraudulent viatical settlement act” and “viatical settlement contract.”
- License and bond requirements for companies in the life settlement markets.
- Requirements for disclosures to viators and insurers.
- Practices that should be prohibited.
Groups planning to participate in the NCOIL conference call include the American Council of Life Insurers, Washington; the Life Insurance Finance Association, Atlanta; and Life Insurance Settlement Association., Orlando, Fla
Several groups will team to submit a joint letter supporting the NAIC model, says ACLI spokesman Whit Cornman.