An amended draft of a viatical settlements model is headed for the National Association of Insurance Commissioner’s executive committee and plenary for possible full adoption.
In a surprise move, the draft was unanimously approved by the NAIC’s Life & Annuities “A” Committee. The 11-0 vote took place today during a conference call with over 60 participants.
After a discussion by representatives in which 3 new amendments were adopted, New Hampshire Commissioner and NAIC Vice President Roger Sevigny offered the motion to move the amended draft out of committee. North Dakota Insurance Commissioner Jim Poolman, who had spearheaded development of the draft, seconded that motion.
The 3 amendments incorporated language offered by the Office of the Comptroller of the Currency so that the model would not violate the National Bank Act or Gramm-Leach-Bliley; included changes to the section defining a fraudulent viatical settlement act; and, under the disclosure to the viator section, deleted a point addressing provider compensation.